Question 2 Whispering Limited had the following equity accounts on January 1, 2017: Share Capital-Ordinary (4 par) 346,160, Share Premium-Ordinary 178,430, and Retained Earnings 119,720. In 2017, the company had the following treasury share transactions. Mar. 1 Purchased 6,730 shares at 8 per share. June 1 Sold 514 shares at 12 per share. Sept. 1 Sold 1,610 shares at 11 per share. Dec. 1 Sold 1,080 shares at 7 per share. Whispering uses the cost method of accounting for treasury shares. In 2017, the company reported net income of 29,050. (a) Journalize the treasury share transactions, and prepare the closing entry at December 31, 2017, for net income. (Credit account titles are automatically indented when amount is entered. Do not Indent manually.) Date Account Titles and Explanation Debit Credit Dec. 1