pina colada corporation had the following stockholders' equity accounts on january 1, 2022: common stock ($5) $500000, paid-in capital in excess of par-common stock $20500, and retained earnings $100000. in 2022, the company had the following treasury stock transactions. mar. 1 purchased 6500 shares at $9 per share june 1 sold 1000 shares at $12 per share sept 1 sold 1000 shares at $11 per share dec 1 sold 1500 shares at $6 per share pina colada corporation uses the cost method of accounting for treasury stock. in 2022, the company reported net income of $33000. journalize the treasury stock transactions, and prepare the closing entry at december 31, 22, for net income. march 1 treasury stock : debit - 58500 cash: credit - 58500 June 1 cash: debit - 12000 treasury stock: credit - 9000 paid-in capital from treasury stock: credit - 3000 sept 1. cash: debit - 11000 treasury stock: credit - 9000 paid-in capital from treasury stock: credit - 2000 dec 1 cash: debit - 9000 paid-in capital from treasury stock: debit - 4500 treasury stock: credit - 13500 dec 31 income summary: debit - 33000 Retained earnings: credit - 33000 open accounts for Paid-in Capital from treasury stock, treasury stock, and retained earnings. (post entries in the order entries above.
pina colada corporation had the following
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