On January 1, 1996, the stockholders' equity section of the Margo 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 50,000 shares for cash at \(\$ 14\) per share July 1 Sold 10,000 treasury shares for cash at \(\$ 16\) per share.

Sept. 1 Sold 8,000 treasury shares for cash at \(\$ 13\) per share.

\section*{Instructions}

(a) Journalize the treasury stock transactions.

(b) Restate the entry for September 1, assuming the treasury shares were sold at \(\$ 11\) per share.