Question: Problem: Module 3 Textbook Problem 16 Learning Objective: 313 Show how treasury stock affects financial statements Elroy Corporation repurchased 1,100 shares of its own stock

Problem: Module 3 Textbook Problem 16 Learning Objective: 313 Show how treasury stock affects financial statements Elroy Corporation repurchased 1,100 shares of its own stock for $60 per share. The stock has a par of $15 per share. A month later Elroy resold 275 shares of the treasury stock for $68 per share. Required What is the balance of the Treasury Stock account after these transactions are recognized

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