P11-2A Elston Limited had the following equity accounts on January 1, 2017: Share Capital-Ordinary (5 par) 400,000, Share Premium-Ordinary 200,000, and Retained Earnings 100,000. In 2017, the company had the following treasury share transactions. Mar. 1 Purchased 5,000 shares at 9 per share. June 1 Sept. 1 Sold 500 shares at 12 per share. Sold 2,500 shares at 10 per share. Dec. 1 Sold 1,000 shares at 6 per share. 200 S longe Elston uses the cost method of accounting for treasury shares. In 2017, the company reported net income of 34,000. Instructions 12 vunibit (a) Journalize the treasury share transactions, and prepare the closing entry at December 31, 2017, for net income. (b) Open accounts for (1) Share Premium-Treasury, (2) Treasury Shares, and (3) Retained Earnings. Post to these accounts using J10 as the posting reference. (c) Prepare the equity section for Elston Limited at December 31, 2017.