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Tamarisk, Inc. had the following stockholders' equity accounts on January 1, 2019: Common Stock (55 par) $541.850. Paid-in Capital in Excess of Par-Common Stock $198,920,

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Tamarisk, Inc. had the following stockholders' equity accounts on January 1, 2019: Common Stock (55 par) $541.850. Paid-in Capital in Excess of Par-Common Stock $198,920, and Retained Earnings $117.610. In 2019. the company had the following treasury stock transactions Mar. 1 Purchased 5.600 shares at 59 per share. June 1 Sold 1.090 shares at $13 per share. Sept. 1 Sold 1.300 shares at $11 pes share Dec. 1 Sold 1.180 shares at $7 per share. Tamarisk, Inc. uses the cost method of accounting for treasury stock. In 2019. the company reported net income of $28.290. ournalize the treasury stock transactions, and prepare the closing entry at December 31, 2019, for net income. (Record journal en ccount titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the Date Credit Debit 50400 Mar. 1 Account Titles and Explanation Treasury Stock Cash . Cash 50400 June 1 14170 Treasury Stock 9810 Paid-in Capital from Treasury Stock 4360 14300 Treasury Stock 11700 Paid-in Capital from Treasury Stock Cash 2600 Dec. 1 8260 Paid-in Capital from Treasury Stock 2360 Treasury Stock 1062 Dec 31 Income Summary 28290 Retained Earnings 25 Open accounts for (1) Paid-in Capital from Treasury Stock, (2) Treasury Stock, and (3) Retained Earnings. (Post to T-accounts.) (P previous part.) Paid-in Capital from Treasury Stock Treasury Stock Retained Earnings

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