Reference no: EM132926060
Question - The stockholders' equity account balances of Kay Corporation for 2020 are given below:
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January 1
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December 31
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Common stock ($12 par, 45,000 shares outstanding)
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660,000
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744,000
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Paid-in capital - common stock
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275,000
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373,000
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Treasury stock (10,000 share; $17 cost per share)
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170,000
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?
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Paid-in capital - treasury stock
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5,000
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?
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Retained earnings
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452,000
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?
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During 2020, Kay Corporation entered into the following transactions:
March 23 Re-issued 2,400 of the treasury shares for $14 per share
June 9 Re-issued 3,700 of the treasury shares for $21 per share
August 15 Issued 7,000 shares of previously un-issued common stock
November 2 Re-issued 1,800 of the treasury shares for $13 per share
December 18 Declared and paid a $2.20 dividend per share on the outstanding shares of common stock
Kay Corporation reported a net income of $203,670 for 2020.
Required - Calculate the balance in the retained earnings account at December 31, 2020.