Question: Instructions Prepare the journal entries for each of the situations above. E13.7 (LO 2) On January 1, 2020, the stockholders' equity section of Newlin Corporation

Instructions Prepare the journal entries for each of the situations above.

Instructions Prepare the journal entries for each of the situations above. E13.7 (LO 2) On January 1, 2020, 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. Journalize treasury stock transactions. 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

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