Exercise 13-07 a-b (Part Level Submission)

On January 1, 2020, the stockholders' equity section of Ayayai Corporation shows common stock ($5par value) $1,500,000; paid-in capital in excess of par $1,020,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred.

Mar. 1 Purchased51,000 shares for cash at $15 per share.

July 1 Sold11,000 treasury shares for cash at $17 per share.

Sept. 1 Sold10,000 treasury shares for cash at $14 per share.

(a) Journalize the treasury stock transactions.