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Restate the entry for september

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Reference no: EM132203709

On January 1, 2015, the stockholders' equity section of Nance 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 30,000 shares for cash at $22 per share.

July 1 Sold 6,000 treasury shares for cash at $27 per share.

Sept. 1 Sold 5,000 treasury shares for cash at $19 per share.

Instructions

(a) Journalize the treasury stock transactions.

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

Reference no: EM132203709

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