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Metlock, Inc. had the following stockholders' equity accounts on January 1, 2022: Common Stock ($5 par) $550,000, Paid-in Capital in Excess of Par--Common Stock $180,000,

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Metlock, Inc. had the following stockholders' equity accounts on January 1, 2022: Common Stock ($5 par) $550,000, Paid-in Capital in Excess of Par--Common Stock $180,000, and Retained Earnings $110.000. In 2022, the company had the following treasury stock transactions Mar. 1 June 1 Purchased 5,500 shares at $8 per share, Sold 1.500 shares at $12 per share. Sold 2,000 shares at $10 per share Sold 1,000 shares at $6 per share. Sept. 1 Dec. 1 Metlock, Inc. uses the cost method of accounting for treasury stock. In 2022, the company reported net income of $30,000. Open accounts for (1) Paid-in Capital from Treasury Stock, (2) Treasury Stock, and (3) Retained Earnings. (Post to T-accounts.) (Post entries in the order of journal entries presented in the previous part.) Paid-in Capital from Treasury Stock Treasury Stock > Retained Earnings Treasury Stock > Retained Earnings

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