LIST OF ACCOUNTS

Accounts Receivable Cash Common Stock Equipment Income Summary Inventory Land Organization Expense Paid-in Capital from Treasury Stock Paid-in Capital in Excess of Par-Common Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Patents Preferred Stock Retained Earnings Share Capital-Ordinary Share Capital-Preference Share Premium-Ordinary Share Premium-Preference Treasury Stock

Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2020, for net income.

Sarasota Corporation had the following stockholders' equity accounts on January 1, 2020: Common Stock ($5 par) $500,000, Paid-in Capital in Excess of ParCommon Stock $185,000, and Retained Earnings $100,000. In 2020, the company had the following treasury stock transactions. Mar. 1 Purchased 7,000 shares at $8 per share. June 1 Sold 1,500 shares at $13 per share. Sept.1 Sold 2,000 shares at $11 per share. Dec. 1 Sold 1,000 shares at $6 per share. Sarasota Corporation uses the cost method of accounting for treasury stock. In 2020, the company reported net income of $30,000