ULL SCREEN PRINTER VERSION BACK NEXT Problem 13-02A a-c Culver Corporation had the following stockholders' equity accounts on January 1, 2020: Common Stock ($5 par) $550,000, Paid-in Capital in Excess of Par- Common Stock $195,000, and Retained Earnings $120,000. In 2020, the company had the following treasury stock transactions Mar. 1 Purchased 5,500 shares at $8 per share June 1 Sold 1,500 shares at $13 per share Sept.1 Sold 2,000 shares at $11 per share Dec. 1 Sold 1,500 shares at $6 per share Culver Corporat ion uses the cost method of accounting for treasury stock. In 2020, the company reported net income of $25,000 Dournalize presented in the problem. Credit account titles are automa the treasury stock transactions, and prepare the closing entry at December 31, 2020, for net income. (Record journal entries in the order tically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation dy