On January 1, 2011, the stockholders’ equity section of Rowen Corporation shows: common stock ($5 par value) $1,500,000; paid-in capital in excess of par value $1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred.

Mar. 1 Purchased 60,000 shares for cash at $18 per share.

July 1 Sold 15,000 treasury shares for cash at $19 per share.

Sept. 1 Sold 10,000 treasury shares for cash at $17 per share.

Instructions

(a) Journalize the treasury stock transactions.

(b) Restate the entry for September 1, assuming the treasury shares were sold at $13 per share.