Under the dual-track accounting approach used in the text, which of the following transactions or events would be recorded in the journal for governmental activities at the government-wide level? a. a. recording the annual budget, property tax levy, and payroll. b. recording the property tax levy, issuance of tax anticipation notes, and accrual of interest on long-term debt at year-end. c. recording the property tax levy, payroll, and encumbrances for purchase orders. d. recording the property tax levy, encumbrances for purchase orders, and payment of interest on long-term debt.

P11.2a (lo 2, 4) fechter corporation had the following stockholders’ equity accounts on january 1, 2020: common stock ($5 par) $500,000, paid-in capital in excess of par—common stock $200,000, and retained earnings $100,000. in 2020, the company had the following treasury stock transactions. journalize and post treasury stock transactions, and prepare stockholders’ equity section. mar. 1 purchased 5,000 shares at $8 per share. june 1 sold 1,000 shares at $12 per share. sept. 1 sold 2,000 shares at $10 per share. dec. 1 sold 1,000 shares at $7 per share. fechter corporation uses the cost method of accounting for treasury stock. in 2020, the company reported net income of $30,000. instructions a. journalize the treasury stock transactions, and prepare the closing entry at december 31, 2020, for net income. b. open accounts for (1) paid-in capital from treasury stock, (2) treasury stock, and (3) retained earnings. (post to t-accounts.) c. prepare the stockholders’ equity section for fechter corporation at december 31, 2020.