D-4 Networking Solutions began operations on January 1, 2010, and immediately issued its stock, receiving cash. D-4s balance sheet at December 31, 2010, reported the following stockholders equity:

Common stock, $1 par...................... $ 51,000

Additional paid-in capital.................. 102,000

Retained earnings.............................. 35,000

Treasury stock, 850 shares................ (7,650)

Total stockholders equity................. $180,350

During 2010, D-4

a. Issued stock for $3 per share.

b. Purchased 950 shares of treasury stock, paying $9 per share.

c. Resold some of the treasury stock.

d. Earned net income of $58,000 and declared and paid cash dividends. Revenues were $172,000 and expenses totaled $114,000.

Requirement

1. Journalize all of D-4s stockholders equity transactions during the year. D-4s entry to close net income to Retained Earningswas:

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Revenues 172,000 114,000 58,000 Expenses Retained Earnings