Riverbed Corporation had the following stockholders' equity accounts on January 1, 2020: Common Stock ($5par) $550,000, Paid-in Capital in Excess of ParCommon Stock $200,000, and Retained Earnings $120,000. In 2020, the company had the following treasury stock transactions.

Mar.1Purchased6,500shares at $8per share.June1Sold1,500shares at $13per share.Sept.1Sold1,500shares at $10per share.Dec.1Sold1,000shares at $6per share.

Riverbed Corporation uses the cost method of accounting for treasury stock. In 2020, the company reported net income of $29,000.

Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2020, for net income