Answer:
The Journal entries are as follows:
(i) On March 1,
Treasury stock [30,000 × $10)  A.c  Dr. $300,000
To cash                                    $300,000
(To record the shares purchased for cash)
(ii) On July 1,
Cash [6,000× $12]  A/c         Dr. $72,000
To treasury stock  [6,000× $10]             $60,000
To Excess of paid in capital  [6,000× $2]     $12,000
(To record selling of treasury shares for cash)
(iii) On September 1,
Cash [5,000× $14]  A/c                 Dr. $70,000
To Excess of paid in capital  [5,000× $4]             $20,000
To Treasury stock  [5,000× $10]                    $50,000
(To record selling of treasury stock)
