P11-2A Greeve Corporation had the following stockholders equity accounts on Janu

P11-2A Greeve Corporation had the following stockholders equity accounts on January 12011: Common Stock ($1 par) $400000 Paid-in Capital in Excess of Par Value $500000 andRetained Earnings $100000. In 2011 the company had the following treasury stock transactions.Mar. 1 Purchased 5000 shares at $7 per share.June 1 Sold 1000 shares at $10 per share.Sept. 1 Sold 2000 shares at $9 per share.Dec. 1 Sold 1000 shares at $5 per share.Greeve Corporation uses the cost method of accounting for treasury stock. In 2011 the company reported net income of $60000.Instructions(a) Journalize the treasury stock transactions and prepare the closing entry at December 312011 for net income.(b) Open accounts for (1) Paid-in Capital from Treasury Stock (2) Treasury Stock and(3) Retained Earnings. Post to these accounts using J12 as the posting reference.(c) Prepare the stockholders equity section for Greeve Corporation at December 31 2011