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Elroy Corporation repurchased 2,300 shares of its own stock for $60 per share. The stock has a par of $15 per share. A month later Elroy resold 575 shares of the treasury stock for $68 per share. Required: What is the balance of the Treasury Stock account after these transactions are recognized?

Elroy Corporation repurchased 2,300 shares of its own stock for $60 per share. The stock has a par of $15 per share. A month later Elroy resold 575 shares of the treasury stock for $68 per share. Required: What is the balance of the Treasury Stock account after these transactions are recognized?

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Elroy Corporation repurchased 2,300 shares of its own stock for $60 per share. The stock has a par of $15 per share. A month later Elroy resold 575 shares of the treasury stock for $68 per share. Required: What is the balance of the Treasury Stock account after these transactions are recognized?
Transcribed Image Text:Elroy Corporation repurchased 2,300 shares of its own stock for $60 per share. The stock has a par of $15 per share. A month later Elroy resold 575 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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