Problem 11-02A a-c (Part Level Submission) Novak Corp. had the following stockholders' equity accounts on January 1, 2020: Common Stock ($5 par) $512,450, Paid-in Capital Earnings $109,740. In 2020, the company had the following treasury stock transactions. Excess of Par-Common Stock $203,950, and Retained Mar. 1 Purchased 6,630 shares at $8 per share. June 1 Sold 1,150 shares at $13 per share. Sept. 1 Sold 1,190 shares at $11 per share. Dec. 1 Sold 1,040 shares at $7 per share. Novak Corp. uses the cost method of accounting for treasury stock. In 2020, the company reported net income of $32,920. (a) Your answer is partially correct. Try again. Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2020, for net income. (Record journal entries in the order presented in the problem. 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 o for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 1 Cash 53040 x Treasury Stock 53040 June 1 Treasury Stock 14950 Cach 14950