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Journalize the treasury stock transactions

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Question - Sheffield Corporation had the following stockholders' equity accounts on January 1, 2020: Common Stock ($4 par) $440,000, Paid-in Capital in Excess of Par-Common Stock $210,000, and Retained Earnings $110,000. In 2020, the company had the following treasury stock transactions.

Mar. 1 Purchased 5,500 shares at $9 per share.

June 1 Sold 1,000 shares at $12 per share.

Sept. 1 Sold 1,000 shares at $11 per share.

Dec. 1 Sold 1,000 shares at $7 per share.

Sheffield Corporation uses the cost method of accounting for treasury stock. In 2020, the company reported net income of $30,000.

Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2020, for net income.

Reference no: EM132726263

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