Fechter Corporation had the following stockholders equity accounts on January 1, 2015: Common Stock ($4 par) $431,680, Paid-in Capital in Excess of ParCommon Stock $223,430, and Retained Earnings $119,370. In 2015, the company had the following treasury stock transactions.

Mar.	1		Purchased 6,770 shares at $8 per share.
June	1		Sold 1,230 shares at $12 per share.
Sept.	1		Sold 1,370 shares at $10 per share.
Dec.	1		Sold 1,160 shares at $6 per share.

Fechter Corporation uses the cost method of accounting for treasury stock. In 2015, the company reported net income of $27,060.

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

ate	Account Titles and Explanation	Debit	Credit
Mar. 1
June 1
Sept. 1
Dec. 1
Dec. 31

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.)

Paid-in Capital from Treasury Stock
Date	Explanation	Ref	Debit	Credit	Balance
Jan. 1 Mar. 1 June 1 Sept. 1 Dec. 1 Dec. 31		J10
Jan. 1 Mar. 1 June 1 Sept. 1 Dec. 1 Dec. 31		J10
Jan. 1 Mar. 1 June 1 Sept. 1 Dec. 1 Dec. 31		J10
Treasury Stock
Date	Explanation	Ref	Debit	Credit	Balance
Jan. 1 Mar. 1 June 1 Sept. 1 Dec. 1 Dec. 31		J10
Jan. 1 Mar. 1 June 1 Sept. 1 Dec. 1 Dec. 31		J10
Jan. 1 Mar. 1 June 1 Sept. 1 Dec. 1 Dec. 31		J10
Jan. 1 Mar. 1 June 1 Sept. 1 Dec. 1 Dec. 31		J10
Retained Earnings
Date	Explanation	Ref	Debit	Credit	Balance
Jan. 1 Mar. 1 June 1 Sept. 1 Dec. 1 Dec. 31	Balance
Jan. 1 Mar. 1 June 1 Sept. 1 Dec. 1 Dec. 31		J10