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Elroy Corporation repurchased 2,400 shares of its own stock for $55 per share. The stock has a par of $10 per share. A month later,

Elroy Corporation repurchased 2,400 shares of its own stock for $55 per share. The stock has a par of $10 per share. A month later, Elroy resold 600 shares of the treasury stock for $63 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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