AB 116 WEEK 7 PROBLEM 13-2A

AB 116 WEEK 7 Problem 13 2A
Fechter Corporation had the following stockholders’ equity accounts on January 1 2014 Common Stock 4 par 424,520, Paidin Capital in Excess of Par—Common Stock $198,250, and Retained Earnings $102,550. In 2014, the company had the following treasury stock transactions.
Mar.	1		Purchased 6,510 shares at $8 per share.
June	1		Sold 1,150 shares at $12 per share.
Sept.	1		Sold 1,250 shares at $10 per share.
Dec.	1		Sold 1,470 shares at $6 per share.

Fechter Corporation uses the cost method of accounting for treasury stock. In 2014, the company reported net income of $25,520.
Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2014, for net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Open accounts for Paid-in Capital from Treasury Stock, Treasury Stock, and Retained Earnings. Post to these accounts using J10 as the posting reference. (Post entries in the order of journal entries presented in the previous part.)
Prepare the stockholders’ equity section for Fechter Corporation at December 31, 2014. (Enter the account name only and do not provide the descriptive information provided in the question.)