Question 1 On January 1, 2022, the equity section of ABC Stores shows share capital-ordinary ($10 par value) $1,500,000; share premium ordinary $1,000,000; and retained earnings $1,200,000. During the year, the following treasury share transactions occurred. Mar. 1 Purchased 30,000 shares for cash at $12 per share. Apr. 1 Sold 10,000 treasury shares for cash at $15 per share.
Oct. 1 Sold 5,000 treasury shares for cash at $10 per share.
INSTRUCTIONS a. Journalize the treasury share transactions. b. Restate the entry for October 1, assuming the treasury shares were sold at $7 per share.