8th part to the question is "Closed the 164,500 credit balance (from net income) in the income summary account to retained earnings. Dec 31.

Stream Launch Company reports the following components of stockholders' equity on January 1 Connon stock-510 par value, 130,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par valve, Coron stock Retained earnings Total stockholders' equity $ 500,000 75,000 410.000 3.985,000 Duning the year, the following transactions affected its stockholders' equity accounts January 3 Purchased 5,000 shares of its own stock at $23 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 5 Soad 2,500 of its treasury shares at $27 cash per share. august 22 Sold 2,500 of its treasury shares at $19 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders o record. October 26 Paid the dividend declared on September 5. December 31 Closed the $164,500 credit balance (fron net incone) in the Income Suntary account to Retained Earnings. Requirement General Journal General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity Journal entry worksheet