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On January 1, 2017, the stockholders’ equity section of Newlin Corporation shows common stock ($7 par...

On January 1, 2017, the stockholders’ equity section of Newlin Corporation shows common stock ($7 par value) $2,100,000; paid-in capital in excess of par $1,020,000; and retained earnings $1,210,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 51,000 shares for cash at $15 per share. July 1 Sold 11,000 treasury shares for cash at $17 per share. Sept. 1 Sold 9,500 treasury shares for cash at $14 per share.

Restate the entry for September 1, assuming the treasury shares were sold at $11 per share.

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