On January 1, 2020, the equity section of Lopez Corporation shows: Share capitalordinary ($5 par value) $1,500,000; share premiumordinary $1,000,000; and retained earnings $1,200,000. During the year, the following treasury share transactions occurred.

Mar. 1 Purchased 30,000 shares for cash at $14 per share.

July 1 Sold 6,000 treasury shares for cash at $16 per share.

Sept. 1 Sold 5,000 treasury shares for cash at $12 per share.

Instructions

(a) Journalize the treasury share transactions.

(b) Restate the entry for September 1, assuming the treasury shares were sold at $10 per share.