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CALCULATOR Problem 13-02A a-c (Part Level Submission) Novak Corporation had the following stockholders' equity accounts on January 1, 2020: Common Stock ($5 par) $550,000, Paid-in Capital in Excess of Par-Common Stock $200,000, and retained and $100,000. In 2020, the company had the following treasury stock transactions. Mar. 1 Purchased 6,000 shares at $9 per share June 1 Sold 1,000 shares at $13 per share. Sept.1 Sold 1,500 shares at $10 per share. Dec. 1 Sold 1,500 shares at $7 per share. Novak Corporation uses the cost method of accounting for treasury stock. In 2020, the company reported net income of $25,000, (a) Your answer is correct Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2020, for net income. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Paid-in Capital from Treasury Stock Dec. 31 v June 1 Sept. 1 05 -06 -07 a-b (Part mission) 3-10 3-11 3-01A EC 13-02A a-d el Submission 13-06A a-b del Submission) Treasury Stock V core Eesults by Study e V Retained Earnings Click it you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Type here to search o El FE FIO & 7 C 9 8 Ik

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