On March 31, 2019, Elephant Corporation had outstanding 100,000 shares of 7 percent preferred stock with a

Question:

On March 31, 2019, Elephant Corporation had outstanding 100,000 shares of 7 percent preferred stock with a par value of $10. The stock was originally issued for $12 per share. On that date, the corporation repurchased 10,000 shares of the preferred stock, paying cash of $13 per share for the stock. Give the general journal entry to record repurchase of the treasury stock.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...