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Elroy Corporation repurchased 3,000 shares of its own stock for $50 per share. The stock has a par of $10 per share. A month later Elroy resold 750 shares of the treasury stock for $58 per share. Required What is the balance of the Treasury Stock account after these transactions are recognized? Balance of treasury stock

Elroy Corporation repurchased 3,000 shares of its own stock for $50 per share. The stock has a par of $10 per share. A month later Elroy resold 750 shares of the treasury stock for $58 per share. Required What is the balance of the Treasury Stock account after these transactions are recognized? Balance of treasury stock

FINANCIAL ACCOUNTING
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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Elroy Corporation repurchased 3,000 shares of its own stock for $50 per share. The stock has a par of $10 per share. A month later Elroy resold 750 shares of the treasury stock for $58 per share. Required What is the balance of the Treasury Stock account after these transactions are recognized? Balance of treasury stock
Transcribed Image Text:Elroy Corporation repurchased 3,000 shares of its own stock for $50 per share. The stock has a par of $10 per share. A month later Elroy resold 750 shares of the treasury stock for $58 per share. Required What is the balance of the Treasury Stock account after these transactions are recognized? Balance of treasury stock
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