Problem 5: (20 Marks) Fechter Corporation had the following stockholders' equity accounts on January 1, 201 Common Stock (S5 par) $500,000, Paid-in Capital in Excess of Par-Common Stock $200,000. and Retained Earnings $100,000. In 2017, the company had the following treasury stock transactions Mar. 1 Purchased 5,000 shares at $8 per share June 1 Sold 1,000 shares at $12 per share. Sept. 1 Sold 2,000 shares at $10 per share. Dec. 1 Sold 1,000 shares at $7 per share. Fechter Corporation uses the cost method of accounting for treasury stock. In 2017, the company reported net income of $30,000. Instruction: 5.1 Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2017, for net income. (10 Marks) 5.2 Open T accounts for (1) Paid-in Capital from Treasury Stock, (2) Treasury Stock, and (3) Retained Earnings. (3 Marks) 5.3 Prepare the stockholders' equity section for Fechter Corporation at December 31,2017. (7 Marks)