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Corom Stack Standard CALCULATOR PRINTER VERSION BACK NEXT Problem 13-02A a-c (Part Level Submission) Sheffield Corporation had the following stockholders' equity accounts on January 1, 2020: Common Stock (54 par) $440,000. Pald.in Capital in Excess of Par--Common Stock $210,000, and Retained Earnings $110,000. In 2020, the company had the following treasury stock transactions Mar. 1 Purchased 5,500 shares at $9 per share. June 1 Sold 1,000 shares at $12 per share. Sept.1 Sold 1,000 shares at $11 per share. Dec. 1 Sold 1,000 shares at $7 per share. Sheffield Corporation uses the cost method of accounting for treasury stock. In 2020, the company reported net income of $30,000 mon) Your answer is partially correct. Try again. udy 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.) Credit Date 1 Mar 1 Account Titles and Explanation Treasury Stock Cash Cash June 1 T Paid-in Capital from Treasury Stock T reasury Stock MacBook Pro 49500 Nu prepare the closing entry at December 31, 2020, for net income. (Record journal entries in the order presented in PUBEM. Credit account titles are automatically Indented when amount is entered. Do not Indent manually.) Date Account Titles and Explanation Debit Credit Mar.1 Treasury Stock Cash R M 1 Dune 1 Cash M L 12000 Pald-in Capital from Treasury Stock 3000 Treasury Stock Sept. Cash 110001 1 Paid-in Capital from Treasury Stock T Treasury Stock 9000 UUDUUUUUU III 1 Pald-in Capital from Treasury Stock - 1 000 Cash Treasury Stock ATE IT MacBook Pro

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