Fechter Corporation had the following stockholders' equity accounts on January 1, Joumalize and post treasury 2017. Common Stock ($5 par) $500,000, Paid-in Capital in Excess of Par-Common Stock stock transactions, and $200,000, and Retained Earnings $100,000. In 2017. the company had the following trea prepare stockholders' equity transactions. (LO 3, 4) 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. Fechter Corporation uses the cost method of accounting for treasury stock. In 2017, the company reported net income of $30,000. Instructions stock transactions, and prepare the closing entry at December 31. Journalize the treasury 2017, for net income.
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