The December 31, 2016, the equity section of the balance sheet of Springer Company included the following:

Common Stock $1 Par 20 million shares outstanding $ 20,000,000

Paid in Capital in Excess of Par 100,000,000

Retained Earnings 115,000,000

Springer completed the following transactions in 2016 relating to treasury stock:

March 17: Reacquired 5 million shares at $10. May 17: Reacquired 3 million shares at $9. August 10: Sold 6 million shares at $12.

Required: a. Assuming Springer uses the cost method, prepare journal entries to record the foregoing transactions on a FIFO basis.

b. Prepare the stockholders equity section at August 31.