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Elroy Corporation repurchased 1,200 shares of its own stock for $55 per share. The stock has a par of $5 per share. A month later

Elroy Corporation repurchased 1,200 shares of its own stock for $55 per share. The stock has a par of $5 per share. A month later Elroy resold 300 shares of the treasury stock for $63 per share.

Required

a.
Record the two events in general journal format. (1.record the purchase of own stock. 2. record the sale of repurchased stock)

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