Grouper Corporation had the following stockholders' equity accounts on January 1, 2020: Common Stock ($5par) $550,000, Paid-in Capital in Excess of ParCommon Stock $180,000, and Retained Earnings $110,000. In 2020, the company had the following treasury stock transactions.

Mar.1Purchased5,500shares at $8per share.June1Sold1,500shares at $12per share.Sept.1Sold2,000shares at $10per share.Dec.1Sold1,000shares at $6per share.

Grouper Corporation uses the cost method of accounting for treasury stock. In 2020, the company reported net income of $30,000.

Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2020, for net income.(Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Jan. 1

Mar. 1

June 1

Sept. 1

Dec. 1

Dec. 31

Jan. 1

Mar. 1

June 1

Sept. 1

Dec. 1

Dec. 31

Jan. 1

Mar. 1

June 1

Sept. 1

Dec. 1

Dec. 31

Dec. 1

Jan. 1

Mar. 1

June 1

Sept. 1

Dec. 1

Dec. 31

SHOW LIST OF ACCOUNTS

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Open accounts for Paid-in Capital from Treasury Stock, Treasury Stock, and Retained Earnings.(Post entries in the order of journal entries presented in the previous part.)

Paid-in Capital from Treasury Stock

Bal.

Mar. 1

June 1

Sept. 1

Dec. 1

Dec. 31

Bal.

Mar. 1

June 1

Sept. 1

Dec. 1

Dec. 31

Bal.

Mar. 1

June 1

Sept. 1

Dec. 1

Dec. 31

Bal.

Mar. 1

June 1

Sept. 1

Dec. 1

Dec. 31

Bal.

Mar. 1

June 1

Sept. 1

Dec. 1

Dec. 31

Bal.

Mar. 1

June 1

Sept. 1

Dec. 1

Dec. 31

Treasury Stock

Bal.

Mar. 1

June 1

Sept. 1

Dec. 1

Dec. 31

Bal.

Mar. 1

June 1

Sept. 1

Dec. 1

Dec. 31

Bal.

Mar. 1

June 1

Sept. 1

Dec. 1

Dec. 31

Bal.

Mar. 1

June 1

Sept. 1

Dec. 1

Dec. 31

Bal.

Mar. 1

June 1

Sept. 1

Dec. 1

Dec. 31

Bal.

Mar. 1

June 1

Sept. 1

Dec. 1

Dec. 31

Bal.

Mar. 1

June 1

Sept. 1

Dec. 1

Dec. 31

Bal.

Mar. 1

June 1

Sept. 1

Dec. 1

Dec. 31

Retained Earnings

Bal.

Mar. 1

June 1

Sept. 1

Dec. 1

Dec. 31

Bal.

Mar. 1

June 1

Sept. 1

Dec. 1

Dec. 31

Bal.

Mar. 1

June 1

Sept. 1

Dec. 1

Dec. 31

Bal.

Mar. 1

June 1

Sept. 1

Dec. 1

Dec. 31

Bal.

Mar. 1

June 1

Sept. 1

Dec. 1

Dec. 31

Bal.

Mar. 1

June 1

Sept. 1

Dec. 1

Dec. 31

SHOW LIST OF ACCOUNTS

LINK TO TEXT

LINK TO TEXT