Problem 13-02A a-c Culver Corporation had the following stockholders' equity accounts on January 1, 2020: Common Stock ($5 par) $550,000, Paid-in Capital in Excess of Par-Common Stock $195,000, and Retained Earnings $120,000. In 2020, the company had the following treasury stock transactions. Mar. 1 Purchased 5,500 shares at $8 per share. . June 1 Sold 1,500 shares at $13 per share. Sept.1 Sold 2,000 shares at $11 per share. Dec. 1 Sold 1,500 shares at $6 per share. Culver Corporation uses the cost method of accounting for treasury stock. In 2020, the company reported net income of $25,000. Your answer is correct. . 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.) Date Account Titles and Explanation Debit Credit Mar. 1 Treasury Stock 44000 Cash 44000 June 1 Cash 19500 Treasury Stock 120001 Paid-in Capital from Treasury Stock 7500 Sept. 1 Cash 22000 Treasury Stock 160001 Paid-in Capital from Treasury Stock 60001 Dec. 1 Cash 90001 Paid-in Capital from Treasury Stock 3000 Treasury Stock 120001 Dec. 31 Income Summary 25000 Retained Earnings 25000 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Open accounts for Paid-in Capital from Treasury Stock, Treasury Stock, and Retained Earnings. (Post entries in the order of journal entries presented in the previous part.) Paid-in Capital from Treasury Stock Dec. 1 3000||| June 1 1 7500 Paid-in Capital from Treasury Stock Dec. 1 3000||| June 1 v 7500 Sept. 17 6000 X Bal. 10500 Treasury Stock Mar. 1 44000 ||| June 1 12000 Sept. 1 16000 Dec. 1 12000 Bal. X... 44000 40000 Retained Earnings X x Dec. 31 25000 Dec. 31 25000 X X X X Bal. 25000 Bal. 25000 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Prepare the stockholders' equity section for Culver Corporation at December 31, 2020. (Enter the account name only and do not provide the descriptive information provided in the question.) CULVER CORPORATION Balance Sheet (Partial) December 31, 2020 Stockholders' Equity X Capital Stock x Paid-in Capital Common Stock 550000 X Paid-in Capital Paid-in Capital in Excess of Par-Common Stock 195000 30 Paid-in Capital from Treasury Stock 10500 Total Paid-in Capital 755500 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Prepare the stockholders' equity section for Culver Corporation at December 31, 2020. (Enter the account name only and do not provide the descriptive informat provided in the question.) CULVER CORPORATION Balance Sheet (Partial) December 31, 2020 Stockholders' Equity X Capital Stock Paid-in Capital Common Stock 550000 X Paid-in Capital Paid-in Capital in Excess of Par-Common Stock 195000 Paid-in Capital from Treasury Stock 10500 X Total Paid-in Capital 755500 X Additional Paid-in Capital 25000 X Retained Earnings 120000 X Total Paid-in Capital and Retained Earnings 145000 Less 4000 Treasury Stock Total Stockholders' Equity 896500 Click if you would like to Show Work for this question: Open Show Work