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On January 1, 2017, the stockholders' equity section of Newlin Corporation shows common stock (exist5 par value) exist1, 500,000: paid-in capital in excess of par

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On January 1, 2017, the stockholders' equity section of Newlin Corporation shows common stock (exist5 par value) exist1, 500,000: paid-in capital in excess of par exist1, 020,000: and retained earnings exist1, 200,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 51,000 shares for cash at exist15 per share. July 1 Sold 11,000 treasury shares for cash at exist17 per share. Sept. 1 sold 10,000 treasury shares for cash at exist14 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.)

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