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Swifty Limited had the following equity accounts on January 1, 2017: Share Capital-Ordinary (5 par)...

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Accounting

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Swifty Limited had the following equity accounts on January 1, 2017: Share Capital-Ordinary (5 par) 409,100, Share Premium-Ordinary 222,450, and Retained Earnings 110,680. In 2017, the company had the following treasury share transactions. Mar. 1 Purchased 6,570 shares at 9 per share. June 1 Sold 906 shares at 13 per share. Sept. 1 Sold 2,360 shares at 11 per share. Dec. 1 Sold 1,140 shares at 6 per share. Swifty uses the cost method of accounting for treasury shares. In 2017, the company reported net income of 31,460. Journalize the treasury share transactions, and prepare the closing entry at December 31, 2017, for net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 1

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