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Journalize the treasury stock transactions

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On January 1, 2020, the stockholders' equity section of Bridgeport Corporation shows common stock ($4 par value) $1,200,000; paid-in capital in excess of par $1,000,000; and retained earnings $1,240,000. During the year, the following treasury stock transactions occurred.

Mar. 1 Purchased 50,000 shares for cash at $15 per share.

July 1 Sold 11,000 treasury shares for cash at $17 per share.

Sept. 1 Sold 9,500 treasury shares for cash at $14 per share.

Question a) Journalize the treasury stock transactions.

Question b) Restate the entry for September 1, assuming the treasury shares were sold at $12 per share.

Reference no: EM132587620

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