Fechter Corporation had the following stockholders equity accounts on January 1, 2017: Common Stock ($5 par) $500,000, Paid-in Capital in Excess of ParCommon Stock $200,000, and Retained Earnings $100,000. In 2017, the company had the following treasury stock transactions.

Mar. 1 Purchased 5,000 shares at $8 per share.

June 1 Sold 1,000 shares at $12 per share.

Sept. 1 Sold 2,000 shares at $10 per share.

Dec. 1 Sold 1,000 shares at $7 per share.

fetcher corp uses the cost method of accounting for treasury stock. In 2017, the company reported net income of $30,000.

Journalize the treasury stock transactions, and prepare the closing entry at december 31, 2017 for net income