Bramble Corp. 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 $$200,000,$ and Retained Earnings $$100,000.$ In $2022,$ the company had the following treasury stock transactions.

Mar. $1$ Purchased $6,000$ shares at $$9$ per share.

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

Sept. $1$ Sold $1,500$ shares at $$10$ per share.

Dec. $1$ Sold $1,500$ shares at $$7$ per share.

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

$($a$)$

Your answer is partially correct.

Journalize the treasury stock transactions, and prepare the closing entry at December $31,2022,$ 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. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts.$)$

Date

Account Titles and Explanation

Treasury Stock

Cash

ie $1V$

Cash

Treasury Stock

Paid$-$in Capital from Treasury Stock

t$.1$

r$.1V$

Treasury Stock

Cash

$\frac{12}{1\mathrm{.}12}$

Cash

Treasury Stock

Paid$-$in Capital from Treasury Stock

Cash

Paid$-$in Capital from Treasury Stock

Treasury Stock

Income Summary

Debit

Credit

$54000$

$|19500$

$16500$

$13500$

$6000$

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