On January 1, 2020, the stockholders' equity section of Bridgeport Corporation shows common stock ($4par value) $1,200,000; paid-in capital in excess of par $1,000,000; and retained earnings $1,240,000. During the year, the following treasury stock transactions occurred.

Mar. 1 Purchased50,000 shares for cash at $15 per share.

July 1 Sold11,000 treasury shares for cash at $17 per share.

Sept.1 Sold9,500 treasury shares for cash at $14 per share.

a)Journalize the treasury stock transactions.

b)Restate the entry for September 1, assuming the treasury shares were sold at $12 per share.