E12-9 On January 1, 2008, the stockholders’ equity section of Rowen Corporation shows:

Price: $1.99


On January 1, 2008, the stockholders’ equity section of Rowen 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 $16 per share.
July 1 Sold 10,000 treasury shares for cash at $17 per share.
Sept. 1 Sold 8,000 treasury shares for cash at $15 per share.

Instructions
(a) Journalize the treasury stock transactions.
(b) Restate the entry for September 1, assuming the treasury shares were sold at $13 per share.