Part #1

Problem 11-2A Fechter Corporation had the following stockholders' equity accounts on January 1, 2015: Common Stock ($4 par) $409,840, Paid-in Capital in Excess of Par-Common Stock $200,100, and Retained Earnings $102,980. In 2015, the company had the following treasury stock transactions. Mar. 1 Purchased 6,120 shares at $8 per share. June 1 Sold 1,050 shares at $13 per share. Sept.1 Sold 1,910 shares at $11 per share Dec. 1 Sold 1,230 shares at $6 per share. Fechter Corporation uses the cost method of accounting for treasury stock. In 2015, the company reported net income of $29,180. Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2015, for net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 1 June 1 Sept. 1 Dec. 1 Dec. 31 SHOW LIST OF ACCOUNTS Open accounts for Paid-in Capital from Treasury Stock, Treasury Stock, and 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.) Paid-in Capital from Treasury Stock Date Explanation Ref Debit Credit Balance J10 J10 310 Treasury Stock Date Explanation Ref Debit Credit Balance J10 J10 J10 310 Retained Earnings Date Explanation Ref Debit Credit Balance Balance 310 SHOW LIST OF ACCOUNTSSHOW LIST OF ACCOUNTS Prepare the stockholders' equity section for Fechter Corporation at December 31, 2015. (Enter the account name only and do not provide the descriptive information provided in the question.) FECHTER CORPORATION Balance Sheet (Partial) December 31, 7.015 I SHOW LIST OF ACCOUNTS