On january 1,2017 the stockholders equity section of Newlin corporation shows common stock ($5 par value ) $1,500,000, paid in capital in excess of par $1,000,000 ; and retained $1,200,000 . During the year , the following treasury stock transactions occurred . Mar 1 Purchased 50,000 shares for cash at $15 per share July 1 Sold 10,000 treasury shares for cash at $17 per share. Sept 1 Sold $8,000 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.