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. Destiny-19 Corporation had the following stockholders' equity accounts on January 1, 2022: CommonStock ($4 par) $400,000, Paid-in Capital in Excess of Par-Common Stock $210,000, and RetainedEarnings $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 companyreported net income of $28,000.DateAccount TitleDebitCredit1-MarTreasury Stock ($7000*9)63000Cash630001-JunCash19500Paid-In Capital Treasury Stock6000Treasury Stock (1500*13)135001-SepCash (1,500*11)16500Paid-In Capital Treasury Stock3000Treasury Stock (1500*9)135001-DecCash (1500*6)9000Paid-In Capital Treasury Stock4500Treasury Stock (1500*9)1350031-Dec

Solution:- Introduction:- Income summary account is a temporary account. At the end of the year all…

Answered: The cells are highlighted in yellow…

Business

Accounting

The cells are highlighted in yellow (See attached Image) that I need assistance with. The scenario is in the image.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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