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Schwartz corporation repurchased 2000 shares of its own

Schwartz Corporation repurchased 2,000 shares of its own stock for $35 per share. The stock has a par of $10 per share. A month later Schwartz resold 800 shares of the treasury stock for $40 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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Accounting Basics: Schwartz corporation repurchased 2000 shares of its own

Reference No:- TGS01215483

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Accounting Basics: Schwartz corporation repurchased 2000 shares of its own

Reference No:- TGS01215483

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