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Instructions Prepare the journal entries for each of the situations above. transactions E13-7 On January 1, 2017, the stockholders' equity section of Newlin Corporation shows

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Instructions Prepare the journal entries for each of the situations above. transactions E13-7 On January 1, 2017, the stockholders' equity section of Newlin Corporation shows Journalige treasury stock 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 (L03) occurred. 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. Instructions (a) Journalize the treasury stock transactions. (b) Restate the entry for September 1, assuming the treasury shares were sold at $12 per share

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