Exercise 13-7

On January 1, 2017, the stockholders equity section of Newlin Corporation shows common stock ($6par value) $1,800,000; paid-in capital in excess of par $1,050,000; and retained earnings $1,230,000. During the year, the following treasury stock transactions occurred.

Mar.	1	Purchased51,000 shares for cash at $15 per share.
July	1	Sold12,000 treasury shares for cash at $17 per share.
Sept.	1	Sold10,000 treasury shares for cash at $14 per share.