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Elroy Corporation repurchased 3,000 shares of its own stock for $30 per share. The stock...

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Accounting

Elroy Corporation repurchased 3,000 shares of its own stock for $30 per share. The stock has a par of $10 per share. A month later, Elroy resold 750 shares of the treasury stock for $38 per share. a.) Record the two events in general journal format. 1.) Record the repurchase of own stock. 2.) Record the sale of repurchased stock. b.) What is the balance of the treasury stock account after these transactions?

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