On January 1, 2019, the stockholders? equity section of Newlin Corporation shows common stock ($5 par value)
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Question:
On January 1, 2019, the stockholders? equity section of Newlin Corporation shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 50,000 shares for cash at $15 per share. July 1 Sold 10,000 treasury shares for cash at $17 per share. Sept. 1 Sold 8,000 treasury shares for cash at $14 per share.
Instructions
a. Journalize the treasury stock transactions.
b. Restate the entry for September 1, assuming the treasury shares were sold at $12 per share.
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