Reference no: EM132530743
Question - Riverbed Corporation had the following stockholders' equity accounts on January 1, 2020: Common Stock ($5 par) $550,000, Paid-in Capital in Excess of Par-Common Stock $200,000, and Retained Earnings $120,000. In 2020, the company had the following treasury stock transactions.
Mar.1Purchased 6,500 shares at $8 per share.June1Sold 1,500 shares at $13 per share.Sept.1Sold 1,500 shares at $10 per share.Dec.1Sold 1,000 shares at $6 per share.
Riverbed Corporation uses the cost method of accounting for treasury stock. In 2020, the company reported net income of $29,000.
Required - Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2020, for net income.
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