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Journalize the treasury stock transactions

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Question - Monty Corporation had the following stockholders' equity accounts on January 1, 2020: Common Stock ($5 par) $500,000, 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 6,000 shares at $8 per share.

June 1 Sold 1,500 shares at $13 per share.

Sept.1 Sold 2,000 shares at $10 per share.

Dec.1 Sold 1,500 shares at $6 per share.

Monty Corporation uses the cost method of accounting for treasury stock. In 2020, the company reported net income of $34,000.

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

Reference no: EM132614433

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