P$13\mathrm{.}2($LO $2,3),$ AP Financial Statement$$Fechter Corporation had the following stockholders$$ equity accounts on January $1,2022$: Common Stock $($$$5$ par$)$ $$500,000,$ Paid$-$in Capital in Excess of Par$$ Common Stock $$200,000,$ and Retained Earnings $$100,000.$ In $2022,$ the company had the following treasury stock transactions. Mar. $1$ Purchased $5,000$ shares at $$8$ per share. June $1$ Sept. $1$ Sold $1,000$ shares at $$12$ per share. Sold $2,000$ shares at $$10$ per share. Dec. $1$ Sold $1,000$ shares at $$7$ per share. Fechter Corporation uses the cost method of accounting for treasury stock. In $2022,$ the company reported net income of $$30,000.$ Instructions a$.$Journalize the treasury stock transactions, and prepare the closing entry at December $31,2022,$ for net income. b$.$Open accounts for $(1)$ Paid$-$in Capital from Treasury Stock, $(2)$ Treasury Stock, and $(3)$ Retained Earnings. $($Post to T$-$accounts.$)$ c$.$Prepare the stockholders$$ equity section for Fechter Corporation at December $31,2022.$