Fechter Corporation had the following stockholders’ equity accounts on January 1, 2015: Common Stock ($4 par) $419,480, Paid in Capital in Excess of Par—Common Stock $199,570, and Retained Earnings $117,500. In 2015, the company had the following treasury stock transactions.
| Mar. | 1 | Purchased 6,390 shares at $8 per share. | |
| June | 1 | Sold 1,040 shares at $12 per share. | |
| Sept. | 1 | Sold 1,900 shares at $10 per share. | |
| Dec. | 1 | Sold 1,340 shares at $7 per share. |
Fechter Corporation uses the cost method of accounting for treasury stock. In 2015, the company reported net income of $25,420.