Novak Corporation had the following stockholders' equity accounts on January 1, 2022: Common stock ($5) $550,000, paid-in capital in excess of Par- common stock $200,000, and retained earnings $100,000. In 2022, the company had the following treasury stock transactions. Mar. 1 purchased 6,000 shares at $9 per share. June 1 sold 1,000 shares at $13 per share. Sept. 1 sold 1,500 shares at $10 per share. Dec. 1 sold 1,500 shares at $7 per share. Novak Corporation uses the cost method of accounting for treasury stock. In 2022, the company reported net income of $25,000. Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2022, for net income. Open accounts for Paid-in Capital from Treasury Stock, Treasury Stock, and Retained Earnings