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Problem 11-2A Fechter Corporation had the following stockholders’ equity accounts on January 1, 2015: Common Stock...

Problem 11-2A

Fechter Corporation had the following stockholders’ equity accounts on January 1, 2015: Common Stock ($4 par) $421,600, Paid-in Capital in Excess of Par—Common Stock $182,590, and Retained Earnings $101,750. In 2015, the company had the following treasury stock transactions.
Mar. 1 Purchased 6,840 shares at $8 per share.
June 1 Sold 1,490 shares at $12 per share.
Sept. 1 Sold 1,120 shares at $11 per share.
Dec. 1 Sold 1,480 shares at $6 per share.

Fechter Corporation uses the cost method of accounting for treasury stock. In 2015, the company reported net income of $34,540.
Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2015, for net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Mar. 1

June 1

Sept. 1

Dec. 1

Dec. 31
Business   Accounting   
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