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Journalize the treasury share transactions

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Question - Sisi Ltd. had the following equity accounts on January 1,2018 : Share Capital Ordinary ($1.5 par) $375,000, Share Premium-Ordinary $625,000 and Retained Earnings $200,000. In 2017, the company had the following treasury share transactions.

Mar 3 Purchased 4,000 shares at $7 per share

June 9 Sold 500 shares at $10 per share

Sept 11 Sold 200 shares at $9 per share

Dec 2 Sold 900 shares at $6 per share

Dec 21 Sold 1,500 shares at $4 per share

Sisi Ltd. uses the cost method of accounting for treasury shares. In 2018, the company reported net income of $90,000.

Required - Journalize the treasury share transactions, and prepare the closing entry at December 31, 2018 for net income.

Reference no: EM132550991

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