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Question 2 Concord Limited had the following equity accounts on January 1, 2017: Share Capital-Ordinary (5 par) 447,905, Share Premium-Ordinary 195,730, and Retained Earnings 100,390. In 2017, the company had the following treasury share transactions. Mar. 1 Purchased 6,630 shares at 8 per share. June 1 Sold 796 shares at 12 per share. Sept. 1 Sold 2,350 shares at 10 per share. Dec. 1 Sold 1,200 shares at 6 per share. Concord uses the cost method of accounting for treasury shares. In 2017, the company reported net income of 27,870. Journalize the treasury share transactions, and prepare the closing entry at December 31, 2017, for net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 1 Treasury Shares 53040 Cash 53040 June 1 v Cash 9552 Share Premium-Treasur 6368 Treasury Shares 3184 Sept. 1 v Cash 23500 Share Premium-Ordinai 18800 Treasury Shares 4700 Dec. 1 Cash 7200 Share Premium-Treasury 2400 Treasury Shares 9600 Dec. 31 Income Summary 27870 Retained Earnings 27870 Open accounts for (1) Share Premium-Treasury, (2) Treasury Shares, and (3) 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.) Share Premium-Treasury Date Explanation Ref Debit Credit Balance J10 J10 110 Treasury Shares Date Explanation Ref Debit Credit Balance J10 J10 J10 J10 Retained Earnings Date Explanation Ref Debit Credit Balance Balance 110 Prepare the equity section for Concord Limited at December 31, 2017. CONCORD LIMITED Statement of Financial Position (Partial)