On January 1, 2022, the stockholders equity section of Emerson Corporation shows: Common stock ($5 par value) $1,500,000; paid-in capital in excess of par value $1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred.

Mar. 1 Purchased 30,000 shares for cash at $22 per share.

July 1 Sold 6,000 treasury shares for cash at $27 per share.

Sept. 1 Sold 5,000 treasury shares for cash at $19 per share.

Required:

(a) Journalize the treasury stock transactions.

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