Question: please explain how you get retained earnings from question b? E13.7 (LO 2), AP on January 1, 2022, the stockholders' equity section of Newlin Corporation

please explain how you get retained earnings from question b?

E13.7 (LO 2), AP on January 1, 2022, 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 earn- ings $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. F138 (2) AR Pinohart Carmart

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