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Elroy Corporation repurchased 3,100 shares of its own stock for $45 per share. The stock has a par of $10 per share. A month later, Elroy resold 775 shares of the treasury stock for $53 per share. Required What is the balance of the Treasury Stock account after these transactions? Balance of treasury stock

Elroy Corporation repurchased 3,100 shares of its own stock for $45 per share. The stock has a par of $10 per share. A month later, Elroy resold 775 shares of the treasury stock for $53 per share. Required What is the balance of the Treasury Stock account after these transactions? 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 3,100 shares of its own stock for $45 per share. The stock has a par of $10 per share. A month later, Elroy resold 775 shares of the treasury stock for $53 per share. Required What is the balance of the Treasury Stock account after these transactions? Balance of treasury stock
Transcribed Image Text:Elroy Corporation repurchased 3,100 shares of its own stock for $45 per share. The stock has a par of $10 per share. A month later, Elroy resold 775 shares of the treasury stock for $53 per share. Required What is the balance of the Treasury Stock account after these transactions? Balance of treasury stock
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