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on january 1 2011 the equity section of rowen corporation shows share capital ordina 4240121

On January 1, 2011, the equity section of Rowen Corporation shows: share capital-ordinary (15 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 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 share transactions.(b) Restate the entry for September 1, assuming the treasury shares were sold at £13 per share.View Solution:
On January 1 2011 the equity section of Rowen Corporation

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