Reference no: EM132700379
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.June1
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.
Question 1: Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2020, for net income. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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