The cells are highlighted in yellow (See attached Image) that I need assistance with. The scenario is in the image.
The cells are highlighted in yellow (See attached Image) that I need assistance with. The scenario is in the image.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Thanks to who helped me earlier. All my values were off because I started to answer this on January 1. My values just needed to be shifted down into the perspective cells. I am reposting the question to find out what I'm missing for December 31. The cells are highlighted in yellow (See attached Image) that I need assistance with. The scenario is in the image.

Transcribed Image Text:Destiny-19 Corporation had the following stockholders' equity accounts on January 1, 2022: Common
Stock ($4 par) $400,000, Paid-in Capital in Excess of Par-Common Stock $210,000, and Retained
Earnings $110,000. In 2022, the company had the following treasury stock transactions.
Mar.1Purchased 7,000 shares at $9 per share.
June1Sold 1,500 shares at $13 per share.
Sept.1Sold 1,500 shares at $11 per share.
Dec.1Sold 1,500 shares at $6 per share.
Destiny-19 Corporation uses the cost method of accounting for treasury stock. In 2022, the company
reported net income of $28,000.
Date
Account Title
Debit
Credit
1-Mar
Treasury Stock ($7000*9)
63000
Cash
63000
1-Jun
Cash
19500
Paid-In Capital Treasury Stock
6000
Treasury Stock (1500*13)
13500
1-Sep
Cash (1,500*11)
16500
Paid-In Capital Treasury Stock
3000
Treasury Stock (1500*9)
13500
1-Dec
Cash (1500*6)
9000
Paid-In Capital Treasury Stock
4500
Treasury Stock (1500*9)
13500
31-Dec
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