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Prepare the closing entry at december

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Marigold Corporation had the following stockholders' equity accounts on January 1, 2020: Common Stock ($4 par) $400,000, Paid-in Capital in Excess of Par-Common Stock $195,000, and Retained Earnings $110,000. In 2020, the company had the following treasury stock transactions.

March1 Purchased 6,000 shares at              $9 per share.

June 1 Sold 1,000 shares at                      $13 per share.

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

December 1 Sold 1,000 shares at                   $6 per share.

Marigold Corporation uses the cost method of accounting for treasury stock. In 2020, the company reported net income of $29,000.

Question 1: Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2020, for net income.

Reference no: EM132496273

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