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Journalize the treasury stock transactions

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Reference no: EM133130288

Question - Flounder Corporation had the following stockholders' equity accounts on January 1, 2022: Common Stock ($5 par) $550,000, Paid-in Capital in Excess of Par-Common Stock $215,000, and Retained Earnings $110,000. In 2022, the company had the following treasury stock transactions.

Mar. 1 Purchased 7,000 shares at $9 per share.

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

Sept. 1 Sold 1,500 shares at $11 per share.

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

Flounder Corporation uses the cost method of accounting for treasury stock. In 2022, the company reported net income of $25,000.

Required - Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2022, for net income.

Reference no: EM133130288

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