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Elroy Corporation repurchased 2,200 shares of its own stock for $50 per share. The stock has a par of $10 per share. A month later,

Elroy Corporation repurchased 2,200 shares of its own stock for $50 per share. The stock has a par of $10 per share. A month later, Elroy resold 550 shares of the treasury stock for $58 per share.

Record the repurchase of own stock.

Event General Journal Debit Credit

1

Record the sale of repurchased stock.

Event General Journal Debit Credit

2

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