On January 1, 2012, the stockholders' equity section of Joshua Corporation shows: Common stock ($7 par value) $2,100,000; paid-in capital in excess of par $1,062,100; and retained earnings $1,209,400. During the year, the following treasury stock transactions occurred.
Mar. 1 Purchased 50,000 shares for cash at $15 per share.
July 1 Sold 11,600 treasury shares for cash at $17 per share.
Sept. 1 Sold 10,470 treasury shares for cash at $14 per share.
a) Journalize the treasury stock transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
b) Restate the entry for September 1, assuming the treasury shares were sold at $12 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)