Elston Corporation had the following equity accounts on January 1, 2014: Share CapitalOrdinary ($5 par) $410,820, Share PremiumOrdinary $216,890, and Retained Earnings $114,870. In 2014, the company had the following treasury share transactions.?

Question 8 Elston Corporation had the following equity accounts on January 1, 2014: Share Capita Ordinary ($5 par) $410,820, Share Premium-Ordinary $216,890, and Retained Earnings $114,870. In 2014, the company had the following treasury share transactions. Mar. 1 Purchased 6,130 shares at $8 per share. June 1 sold 804 shares at $12 per share. Sept. 1 Sold 2,470 shares at $11 per share. Dec. 1 Sold 1,470 shares at $6 per share. Elston Corporation uses the cost method of accounting for treasury shares. In 2014, the company reported net income of $29,220 Question 8 Your answer is partially correct. Try again. Journalize the treasury share transactions, and prepare the closing entry at December 31, 2014, for net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 1 Treasury Shares 9,040 sh 9,040 June 1 ash 648 reasury Shares 5,628 4020 hare Premium-Treasury Sept. 1 sh 7,170 reasury Shares 14,820 hare Premium-Treasury 12350 Dec. 1 sh 820 hare Premium-Treasury 1470 Treasury Shares 10290 Dec. 31 Income summary 9,220 Retained Earnings 9,220 Attempts: 2 of 3 used