Problem P12-2A, Greeve Corporation had the following stockholders' equity accounts on January 1, 2006:
Common Stock, $1 par $400,000
Paid-in Capital in Excess of Par Value 500,000
Retained Earnings 100,000

In 2006, the company had the following treasury stock transactions:
Mar 1 Purchased 5,000 shares at $7 per share
Jun 1 Sold 1,000 shares at $10 per share
Sep 1 Sold 2,000 shares at $9 per share
Dec 1 Sold 1,000 shares at $5 per share
Greeve Corporation uses the cost method of accounting for treasury stock. In 2006, the company reported net income of $60,000

(a) Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2006, for net income.
(b) Open accounts for
(1) Paid-in Capital from Treasury Stock
(2) Treasury Stock (3) Retained Earnings
Treasury stock $7,000
Post to these accounts using J12 as the posting reference.
(c) Prepare the stockholders' equity section for Greeve Corporation at December 31, 2006.
total stockholdes' equity $1,058,000

Need some help getting started. Can anyone assist me with this problem?