Fechter Corporation had the following stockholders equity accounts on January 1, 2015: Common Stock ($4par) $408,720, Paid-in Capital in Excess of ParCommon Stock $179,330, and Retained Earnings $101,480. In 2015, the company had the following treasury stock transactions.

Mar.

1

Purchased5,500shares at $9per share.

June

1

Sold1,320shares at $12per share.

Sept.

1

Sold1,850shares at $10per share.

Dec.

1

Sold1,480shares at $7per share.

Fechter Corporation uses the cost method of accounting for treasury stock. In 2015, the company reported net income of $27,690.

A.) Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2015, for net income.

B.) Open accounts for Paid-in Capital from Treasury Stock, Treasury Stock, and 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.)

C.) Prepare the stockholders equity section for Fechter Corporation at December 31, 2015. (Enter the account name only and do not provide the descriptive information provided in the question.)