Graves Corporation repurchased 2,000 shares of its own stock for ($ 40) per share. The stock has

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Graves Corporation repurchased 2,000 shares of its own stock for $\$ 40$ per share. The stock has a par of $\$ 10$ per share. A month later Graves resold 1,200 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?

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Fundamental Financial Accounting Concepts

ISBN: 978-0073527123

7th Edition

Authors: Thomas Edmonds

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Question Posted: May 16, 2024 12:02 PM

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Graves Corporation repurchased 2,000 shares of its own stock for ($ 40) per share. The stock has

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Fundamental Financial Accounting Concepts

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