E13.8 (LO 3) On January 1, 2020, the equity section of Bergin ASA shows share capital–ordinary (£5 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. Journalize treasury share transactions. Mar. Purchased 50,000 shares for 1 cash at £12 per share. July Sold 10,000 treasury shares for 1 cash at £ 14 per share. Sept. Sold 8,000 treasury shares for 1 cash at £10 per share. Instructions a. Journalize the treasury share transactions. b. Restate the entry for September 1, assuming the treasury shares were sold at £9 per share.