Elroy Corporation repurchased 2,500 shares of its own stock for $30 per share. The stock has a par of $20 per share. A month later, Elroy resold 625 shares of the treasury stock for $38 per share. a. Record the two events in general journal format b. What is the balance of the treasury stock account after these transactions?

Elroy Corporation repurchased 2,500 shares of its own stock for $30 per share. The stock has a par of $20 per share. A month later, Elroy resold 625 shares of the treasury stock for $38 per share. a. Record the two events in general journal format b. What is the balance of the treasury stock account after these transactions?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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