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QUESTION
Question: 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...
Question:
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?
