Problem 13-02A a-c Monty Corporation had the following stockholders' equity accounts on January 1, 2020: Common Stock ($5 par) $500,000, Paid-in Capital in Excess of Par-Common Stock $210,000, and Retained Earnings $110,000. In 2020, the company had the following treasury stock transactions. Mar. 1 Purchased 6,000 shares at $8 per share. June 1 Sold 1,500 shares at $13 per share. Sept.1 Sold 2,000 shares at $10 per share. Dec. 1 Sold 1,500 shares at $6 per share. Monty Corporation uses the cost method of accounting for treasury stock. In 2020, the company reported net income of $34,000. 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.) Debit Credit Date Mar. 1 Account Titles and Explanation Treasury Stock 48000.00 Cash 48000.00 (June 1 (cash T Treasury Stock 12000.00 2 Paid-in Capital from Treasury Stock 7500.00 Sept. 1 Sept. 1 cash Treasury Stock 16000.00 Paid-in Capital from Treasury Stock 4000.00 Dec. 1 Cash 9000.00 Paid-in Capital from Treasury Stock 1000.00 Treasury Stock 10000.00 Dec. 31 Income Summary Retained Earnings 34000.00 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 1000.00 June 1 7500.00 4000.00 Bal 10500.00 Treasury Stock Mar. 200.00 ||| June 1 12000.00 1 000 0000 mno Sept. 1 T 16000.00 .000;1000/000 Dec. 1 10000.00 10000.00 Retained Earnings 110000.00 Dec. 31 34000.00 4000.00 Prepare the stockholders' equity section for Monty Corporation at December 31, 2020. (Enter the account name only and do not provide the descriptive information provided in the question.) MONTY CORPORATION Balance Sheet (Partial) December 31, 2020 Stockholders' Equity Paid-in Capital Capital Stock - T O Common Stock Stock 500000.00 Additional Paid-in Capital | Paid-in Capital in Excess of Stated Value-Commor 210000.00 Treasury Stock Total Additional Paid-in Capital Total Paid-in Capital - TRetained Earnings Total Paid-in Capital and Retained Earnings Less - 10000.00 Treasury Stock Total Stockholders' Equity