Question 2 of 3 Show Attempt History Current Attempt in Progress 2.54/5 Concord Corporation had the following stockholders' equity accounts on January 1, 2022: Common Stock ($4 par) $400,000, Paid-in Capital in Excess of Par-Common Stock $215,000, and Retained Earnings $100,000. In 2022, the company had the following treasury stock transactions. Mar. 1 June Sept. 1 Dec. 1 Purchased 7,000 shares at $9 per share. Sold 1,500 shares at $12 per share. Sold 2,000 shares at $11 per share. Sold 1,000 shares at $7 per share. Concord Corporation uses the cost method of accounting for treasury stock. In 2022, the company reported net income of $29,000. (a) Your answer is correct. Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2022, 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. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (b) Mar. 1 Date Account Titles and Explanation Treasury Stock June 1 Cash Treasury Stock Paid-In Capital from Treasury Stock Sept. 1 Cash Treasury Stock Paid-In Capital from Treasury Stock Dec. 1 Cash Paid-In Capital from Treasury Stock Treasury Stock Dec. 31 Income Summary eTextbook and Media List of Accounts Retained Earnings Your answer is partially correct. Debit 63000 18000 22000 7000 29000 Cre Attempts: 2 of 5 used Open accounts for (1) Paid-in Capital from Treasury Stock, (2) Treasury Stock, and (3) Retained Earnings. (Post to T-accounts.) (Post entries in the order of journal entries presented in the previous part.) Dec. 1 Dec. 31 Mar. 1 Dec. 31 List of Accounts Save for Later Paid-in Capital from Treasury Stock June 1 Sept. 1 Treasury Stock Sept. 1 Dec. 1 Dec. 31 Retained Earnings Jan. 1 Attempts: 1 of 5 used Submit Answer