Elroy Corporation repurchased 3,400 shares of its own stock for $50 per share. The stock has a par of $20 per share. A month later, Elroy resold 850 shares of the treasury stock for $58 per share.

a. Record the two events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Journal entry worksheet

• Record the repurchase of own stock.
• Record the sale of repurchased stock.

b. What is the balance of the treasury stock account after these transactions?