Brandon Corporation had the following stockholders equity accounts on January 1 2012: Common Stock ($5 par) $510700 Paid-in Capital in Excess of Par-Common Stock $175360 and Retained Earnings $114880. In 2012 the company had the following treasury stock transactions.Mar. 1 Purchased 6930 shares at $8 per share.June 1 Sold 1040 shares at $12 per share.Sept. 1 Sold 1720 shares at $10 per share.Dec. 1 Sold 1440 shares at $7 per share.Brandon Corporation uses the cost method of accounting for treasury stock. In 2012 the company reported net income of $27140.Journalize the treasury stock transactions and prepare the closing entry at December 31 2012 for net income.
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