Hanover Corporation has 750,000 shares outstanding. The shares have an average cost of $45 per share. On

Question:

Hanover has 750,000 shares outstanding. The shares have an average cost of $45 per share. On September 5, 2017, the company repurchases 1,500 of its own shares at $75 per share and does not cancel them. The shares are classified as treasury shares. On November 20, 2017, the company resells 1,000 of the treasury shares at $80 per share. Prepare the journal entries for the repurchase and subsequent sale of the treasury shares.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...