Exercise 11-9 (Part Level Submission)

On January 1, 2017, 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 $1,160,000. During the year, the following treasury stock transactions occurred.

Mar.1Purchased 47,000 shares for cash at $15 per share.July1Sold 10,500 treasury shares for cash at $17 per share.

Sept. 1Sold 9,000 treasury shares for cash at $14 per share.

A. Journalize the treasury stock transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

B. Restate the entry for September 1, assuming the treasury shares were sold at $12 per share.