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Problem 13-02A (Part B) Marigold Corporation had the following stockholders' equity accounts on January 1, 2020: Common Stock ($4 par) $400,000, Paid-in Capital in Excess
Problem 13-02A (Part B) Marigold Corporation had the following stockholders' equity accounts on January 1, 2020: Common Stock ($4 par) $400,000, Paid-in Capital in Excess of Par-Common Stock $195,000 Retained Earnings $110,000 In 2020, the company had the following treasury stock transactions. Mar. 1 Purchased 6,000 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 1,000 shares at $6 per share, Marigold Corporation uses the cost method of accounting for treasury stock. In 2020, the company reported net income of $29,000. Open accounts for Paid-in Capital from Treasury Stock, Treasury Stock, and Retained Earnings. (Post entries in the order of journal entries presented.) Date General Journal Debit Credit 1-Mar Treasury stock (6,000 $9) $54,000 Cash $54,000 $13,000 1-Jun Cash (1,000 * $13) Treasury stock (1,000 * $9) Paid in capital from treasury $9,000 $4,000 $20,000 1-SepCash (2,000 $10) Treasury stock (2,000 * $9) | Paid in capital from treasury $18,000 $2,000 1-Dec Cssh (1,000 $6) Paid in capital from treasury Treasury stock (1,000 * $9) $6,000 $3,000 $9,000 31-Dec Income summary $29,000 Retained earnings Paid-in Capital from Treasury Stock $29,000 Treasury Stock Retained Earnings ll
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