5 of 5 View Policies Current Attempt in Progress -/40 E Martinez Limited had the following equity accounts on January 1, 2020: Share Capital-Ordinary (5 par) 500,000, Share Premium- Ordinary 180,000, and Retained Earnings 120,000. In 2020, the company had the following treasury share transactions. Mar. 1 Purchased 5,500 shares at 8 per share. June 1 Sold 1,000 shares at 12 per share. Sept. 1 Dec. 1 Sold 2,000 shares at 10 per share. Sold 1,000 shares at 7 per share. Martinez uses the cost method of accounting for treasury shares. In 2020, the company reported net income of 31,000. (a) -/40 E Journalize the treasury share transactions, and prepare the closing entry at December 31, 2020, for net income. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit