Business, 10.06.2020 19:57, hailiemanuel3461

Ayayai Corporation had the following stockholders' equity accounts on January 1, 2020: Common Stock($4 par) $400,000, Paid-in Capital in Excess of Par - Common Stock $175,000, and Retained Earnings $100,000. In 2020, the company had the following treasury stock transactions. Mar.1: Purchased 5,500 shares at $8 per share
June.1 : Sold 1,000 shares at $12 per share
Sept. 1: Sold 1,000 shares at $10 per share
Dec.1: Sold $1,000 shares at $6 per share
Ayayai Corporation uses the cost method of accounting for treasury stock. In 2020, the company reported net income of $25,000.
1) Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2020, for net income.
2) Prepare the stockholders' equity section for Ayayai Corporation at December 31, 2020.

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Ayayai Corporation had the following stockholders' equity accounts on January 1, 2020: Common Stock(...