On January $1,2022,$ the stockholders' equity section of Sheridan Company shows common stock $($ $$5$ par value$)$ $$1,500,000$; paid$-$in capital in excess of par $$1,080,000$; and retained earnings $$1,210,000.$ During the year, the following treasury stock transactions occurred.

Mar. $1$ Purchased $48,000$ shares for cash at $$15$ per share.

July $1$ Sold $11,500$ treasury shares for cash at $$17$ per share.

Sept. $1$ Sold $10,000$ treasury shares for cash at $$14$ per share.

$($a$)$

Your answer is correct.

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. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

$\backslash$table$[[$Date$,$Account Titles and Explanation,Debit$],[$Treasury Stock,$720000],[$Cash$,],[$July $1-,$Cash,$195500],[$Treasury Stock,$],[$Paid$-$in Capital from Treasury Stock,$],[$Sept$.1,$Cash,$140000],[$Paid$-$in Capital from Treasury Stock,$10000],[$Treasury Stock,$]]$

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$($b$)$

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. If no entry is