fecther

Fechter Corporation had the following stockholders' equity accounts on January 1, 2017: Common Stock ($5 par) $500,000. Paid-in Capital in Excess of Par-Common Stock $200,000. and Retained Earnings $100,000. In 2017, the company had the following treasury stock transactions. Fechter Corporation uses the cost method of accounting for treasury stock. In 2017, the company reported net income of $30,000. (a) Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2017, for net income