Use the following information for questions.
At December 31, 2019, the balance in Helsinki Ltd.'s retained earnings account was $ 420,000. During 2020, Helsinki had the following transactions:
Acquired 5,000 treasury shares at $ 27 a share. The shares are no par and had originally been issued for $ 24 per share. There had been no previous treasury shares transactions.
Sold the 5,000 treasury shares at $ 32 a share.
Reported net income of $ 150,000.
-The balance in retained earnings at December 31, 2020 would be
A) $ 555,000.
B) $ 570,000.
C) $ 585,000.
D) $ 610,000.

Question

Quizplus · Accepted Answer

The Answer of Use the following information for questions.
At December 31, 2019, the balance in Helsinki Ltd.'s retained earnings account was $ 420,000. During 2020, Helsinki had the following transactions:
Acquired 5,000 treasury shares at $ 27 a share. The shares are no par and had originally been issued for $ 24 per share. There had been no previous treasury shares transactions.
Sold the 5,000 treasury shares at $ 32 a share.
Reported net income of $ 150,000.
-The balance in retained earnings at December 31, 2020 would be
A) $ 555,000.
B) $ 570,000.
C) $ 585,000.
D) $ 610,000.

Use the Following Information for Questions