Solved: Method of accounting for the treasury stock, Accounting Basics

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Method of accounting for the treasury stock

Problem:

KC issued 40,000 shares of its $8 par value common stock for $9 on Jan 1, 2002. KC repurchased 1,000 shares at $8 per share on Apr 1, 2003, resold 500 shares at $9 per share on July 1, 2003, and on Oct 1, 2003, resold the final 500 shares at $5 per share. Assuming KC uses the par value method of accounting for its treasury stock, retained earnings at Dec 31, 2003 would be how much?

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Accounting Basics: Method of accounting for the treasury stock

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