Elston Corporation had the following stockholders equity accounts on January 1, 2014: Common Stock ($5 par) $417,975, Paid-in Capital in Excess of ParCommon Stock $213,310, and Retained Earnings $104,280. In 2014, the company had the following treasury stock transactions. Mar. 1 Purchased 5,740 shares at $8 per share. June 1 Sold 825 shares at $13 per share. Sept. 1 Sold 2,270 shares at $11 per share. Dec. 1 Sold 1,470 shares at $7 per share. Elston Corporation uses the cost method of accounting for treasury stock. In 2014, the company reported net income of $27,620. Journalize the treasury stock 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.) Open accounts for (1) Paid-in Capital from Treasury Stock, (2) Treasury Stock, and (3) Retained Earnings. Post to these accounts using J10 as the posting reference. (Post entries in the order of journal entries presented in the previous part.) Paid-in Capital from Treasury Stock Date Explanation Ref Debit CreditPrepare the stockholders equity section for Elston Corporation at December 31, 2014. ELSTON CORPORATION Balance Sheet (Partial) December 31, 2014 Balance