On January 1, 2020, the stockholders' equity section of Cheyenne Corp. shows common stock ($4 par value) $1,200,000; paid-in capital in excess of par $1,070,000; and retained earnings $1,220,000. During the year, the following treasury stock transactions occurred.
Mar. 1 Purchased 47,000 shares for cash at $15 per share.
July. 1 Sold 10,000 treasury shares for cash at $17 per share.
Sept. 1 Sold 8,500 treasury shares for cash at $14 per share.
a. Restate the entry for September 1, assuming the treasury shares were sold at $11 per share.
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