On January 1 2017 the Stockholders' Equity Section of Intercontinental $\quad$

Essay

On January 1 2017 the stockholders' equity section of Intercontinental Corporation shows: Common stock ($5 par value) $1500000; paid-in capital in excess of par value $1000000; and retained earnings $1200000. During the year the following treasury stock transactions occurred. Mar. 1 $\quad$ Purchased 30,000 shares for cash at $\$ 20$ per share.
July 1 $\quad$ Sold 6,000 treasury shares for cash at $\$ 27$ per share.
Sept. 1 $\quad$ 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 $10 per share.