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Novak Corp. had the following stockholders equity accounts on January 1, 2022: Common Stock ($5...

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Accounting

Novak Corp. had the following stockholders equity accounts on January 1, 2022: Common Stock ($5 par) $500,000, Paid-in Capital in Excess of ParCommon Stock $200,000, and Retained Earnings $120,000. In 2022, 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.

Novak Corp. uses the cost method of accounting for treasury stock. In 2022, the company reported net income of $29,000.

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