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Discuss what is the balance of the treasury stock account

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Reference no: EM131780142

Treasury stock transactions

Elroy Corporation repurchased 4,000 shares of its own stock for $ 30 per share. The stock has a par of $ 10 per value. A month later Elroy resold 900 shares of the treasury stock for $ 32 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?

Reference no: EM131780142

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