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Sheffield Limited had the following equity accounts on January 1, 2017: Share Capital-Ordinary (El par) E369,000, Share Premium-Ordinary E480,000, and Retained Earnings 116,480. In 2017, the company had the following treasury share Mar. 1 Purchased 6,910 shares at 7 per share. June 1 Sold 540 shares at 10 per share Sept i Sold 2,430 shares at E9 per share. Dec. 1 Sold 1,100 shares at E5 per share. Sheffield uses the cost method of accounting for treasury shares. In 2017, the company reported net income of 575,530 Question8 Your answer is correct. Journalize the treasury share transactions, and prepare the closing entry at December 31, 2017, for net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Debit Credit reasury Share 1483701 8,370 4001 01 1 20 Treasury Sha hare Premium-Treasury 010 reasury Share hare Premium-Treasu 860 Dec. hare Premium-Treasu D ar 5.5301 % 005,530 ec. 31 Lncome Summ ned Earni Question8 Open accounts for 1 Share Premium Treasury Share Premium-Treasury 2 Treasury Shares, and 3) Retained Earnings. Post to these accounts using 12as the posting reference (Post entr es in the order ofJournal entries presented in the previous part.) Debit Balance 112 112 12 Treasury Shares Date Explanation Ref 12 112 112 12 Debit Credit Balance Retained Earnings Date Explanation Ref Debit Credit Balance gaanc12

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