Question: Help me solve this Journalize the transactions and prepare closing entries Flint Corporation had the following stockholders equity accounts on January 1, 2020: Common Stock

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Journalize the transactions and prepare closing entries

Flint Corporation had the following stockholders equity accounts on January 1, 2020: Common Stock ($4 par) $440,000, Paid-in Capital in Excess of ParCommon Stock $210,000, and Retained Earnings $100,000. 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 $13 per share. Sept. 1 Sold 2,000 shares at $10 per share. Dec. 1 Sold 1,500 shares at $7 per share. Flint Corporation uses the cost method of accounting for treasury stock. In 2020, the company reported net income of $34,000.

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