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On January 1 , 2 0 2 7 , the stockholders' equity section of Bridgeport Corporation shows common stock ( $ 6 par value

On January 1, 2027, the stockholders' equity section of Bridgeport Corporation shows common stock ( $6 par value) $1,800,000; paidin capital in excess of par $1,010,000; and retained earnings $1,230,000. During the year, the following treasury stock transactions occurred.Mar. 1 Purchased 50,000 shares for cash at $15 per share.July 1 Sold 11,500 treasury shares for cash at $17 per share.Sept. 1 Sold 9,500 treasury shares for cash at $14 per share.(a)Your answer has been saved. See score details after the due date.Journalize the treasury stock transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditTreasury Stock  750,000Cash(b)Restate the entry for September 1, assuming the treasury shares were sold at $12 per share. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditCashPaid-in Capital from Treasury StockRetained EarningsTreasury Stock Using these exact numbers

 


 

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