RESOURCES Graded Question 4 Bridgeport Corporation had the following stockholders' equity accounts on January 1, 2020: Common Stock ($5 par) $500,000, Paid-in Captal in Excess of Par-Common Stock $200,000, and Retained Earnings $120,000. In 2020, the company had the following treasury stock transactions. Mar. 1 Purchased 6,500 shares at $9 per share. June 1 Sold 1,000 shares at $13 per share. Sept.1 Sold 1,500 shares at $10 per share. Dec. 1 Sold 1,000 shares at $7 per share. Es by Study Bridgeport Corporation uses the cost method of accounting for treasury stock. In 2020, the company reported net income of $29,000. (a) 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.) Date Account Titles and Explanation Mar. 1 Treasury Stock Cash Cash Paid-in Capital from Treasury Stock Yersion 4.24,194 Paid-in Capital from Treasury Stock 4,000 Treasury Stock 9,000 Sept. Cash 15,000 Paid-in Capital from Treasury Stock 2000 Treasury Stock 13000 Dec. 1 Tcash 7000 Paid-in Capital from Treasury Stock 14000 Treasury Stock 63000 Dec. 31 SHOW LIST OF ACCOUNTS