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Problem 13-02A a-c Flint Corporation had the following stockholders' equity accounts on January 1, 2020: Common Stock ($4 par) $440,000, Paid-in Capital in Excess of
Problem 13-02A a-c Flint Corporation had the following stockholders' equity accounts on January 1, 2020: Common Stock ($4 par) $440,000, Paid-in Capital in Excess of Par-Common Stock $210,000, and Retained Earnings $100,000. In 2020, the company had the following treasury stock transactions. Mar. 1 Purchased 5,500 shares at $9 per share. June 1 Sold 1,000 shares at $13 per share. Sept.1 Sold 2,000 shares at $10 per share Dec. 1 Sold 1,500 shares at $7 per share. Flint Corporation uses the cost method of accounting for treasury stock. In 2020, the company reported net income of $34,000. ournalize the treasury stock transactions, and prepare the closing entry at December 31, 2020, account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Credit Date Debit Dec. 1 SHOW LIST OF ACCOUNTS 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 Treasury Stock Retained Earnings SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT FLINT CORPORATION Balance Sheet (Partial) Click if you would like to Show Work for this question: Open Show Work
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