Elroy Corporation repurchased 3,200 shares of its own stock for $40 per share. The stock has a par of $20 per share. A month later,Elroy resold 800 shares of the treasury stock for $48 per share.Requireda. Record the two events in general journal format.b. What is the balance of the treasury stock account after these transactions?Complete this question by entering your answers in the tabs below.Required ARequired BRecord the two events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in thefirst account field.)View transaction listJournal entry worksheetAElroy Corporation repurchased 3,200 shares of its own stock for $40 per share.Record the transaction.Note: Enter debits before credits.EventGeneral JournalDebitCredit1Record entryClear entryView general journal Elroy Corporation repurchased 3,200 shares of its own stock for $40 per share. The stock has a par of $20 per share. A month later,Elroy resold 800 shares of the treasury stock for $48 per share.Requireda. Record the two events in general journal format.b. What is the balance of the treasury stock account after these transactions?Complete this question by entering your answers in the tabs below.Required ARequired BWhat is the balance of the treasury stock account after these transactions?Balance of treasury stock< Required ARequired B >

Solution a: Elroy Corporation - Journal Entries Event Particulars Debit Credit 1 Treasury Stock $128,000.00 Cash $128,000.00 (Being 3200 shares of treasury stock purchased at $40 per share) 2 Cash $38,400.00 Treasury Stock $32,000.00 Paid in capital from treasury stock $6,400.00 (To record reissue of treasusry stock) Solution b: Balance in Treasury stock after these transactions = $128,000 - $32,000 = $96,000

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Elroy Corporation repurchased 3,200 shares of its own stock for $40 per share. The stock has a par of $20 per share. A month later, Elroy resold 800 shares of the treasury stock for $48 per share. Required a. Record the two events in general journal format. b. What is the balance of the treasury stock account after these transactions? Complete this question by entering your answers in the tabs below. Required A Required B

Elroy Corporation repurchased 3,200 shares of its own stock for $40 per share. The stock has a par of $20 per share. A month later, Elroy resold 800 shares of the treasury stock for $48 per share. Required a. Record the two events in general journal format. b. What is the balance of the treasury stock account after these transactions? Complete this question by entering your answers in the tabs below. Required A Required B

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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