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 Capital Ordinary ($5 par) $410,820, Share Premium-ordinary $216,890, and Retained Earnings $114,B70. 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 pe 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 w (a) 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 manual lly.) Date Account Titles and Explanation Credit Mar 1 June 1 Sept. 1