Yukiyu Co. had the following transactions during the current period. Mar. 2 Issued 6,000 shares of $5 par value common stock to attorneys in payment of a bill for $36,000 for services performed in helping the company to incorporate. June 12 Issued 72,000 shares of $5 par value common stock for cash of $375,000. July 11 Issued 1,200 shares of $100 par value preferred stock for cash at $110 per share. Nov. 28 Purchased 2,500 shares of treasury stock for $80,000.

Instructions: Journalize the transactions

On January 1, 2017, the stockholders equity section of NotMy Corporation shows common stock ($10 par value) $3,000,000; paid-in capital in excess of par $2,000,000; and retained earnings $2,400,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 50,000 shares for cash at $12 per share. July 1 Sold 10,000 treasury shares for cash at $15 per share. Sept. 1 Sold 8,000 treasury shares for cash at $10 per share. Instructions (a) Journalize the treasury stock transactions. (b) Restate the entry for September 1, assuming the treasury shares were sold at $9 per share