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7:30 Aa Q10 P13.2A Financial Statement (LO 2. 3) Fechter Corporation had the following stockholders' equity accounts on January 1, 2020: Common Stock ($5 par) $500,000, Paid-in Capital in Excess of Par-Common Stock $200,000, and Retained Earnings $100,000. In 2020, the company had the following treasury stock transactions. Journalize and post treasury stock transactions, and prepare stockholders' equity section. Mar. 1 Purchased 5,000 shares at $8 per share. June 1 Sold 1,000 shares at $12 per share. Sept. 1 Sold 2,000 shares at $10 per share. Dec. 1 Sold 1,000 shares at $7 per share. 13-30 of 1404 7:30 Aa D Sept. 1 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 2020, the company reported net income of $30,000 Instructions a. Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2020, 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.) Treasury Stock $8,000 c. Prepare the stockholders' equity section for Fechter Corporation at December 31, 2020. 13-30 of 1404 7:30 !!! Q Aan per Share Fechter Corporation uses the cost method of accounting for treasury stock. In 2020, the company reported net income of $30,000. Instructions a. Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2020, 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.) Treasury Stock $8,000 C. Prepare the stockholders' equity section for Fechter Corporation at December 31, 2020 Total stockholders' equity $829,000 13-30 of 1404