Exercise 13-7 On January 1, 2017, the stockholders equity section of Newlin Corporation shows common stock ($6 par 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 Purchased 51,000 shares for cash at $15 per share. July 1 Sold 12,000 treasury shares for cash at $17 per share. Sept. 1 Sold 10,000 treasury shares for cash at $14 per share. 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.) Date Account Titles and Explanation Debit Credit Sept. 1 Show List of Accounts Restate the entry for September 1, assuming the treasury shares were sold at $12 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date Account Titles and Explanation Debit Credit Sept. 1