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How much is debited to retained earnings

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Question - The original sale of the $50 par value common stock of Bro Company was recorded as follows:

Cash 290,000

Common Stock 250,000

Additional Paid-in Capital 40,000

The company uses the cost method to account for treasury stock. Record the journal entries for the following transactions.

Transactions:

(1) Bro Purchased 600 shares of its own common stock for $62 each.

(2) Bro sold 180 shares of treasury stock for $60 each.

(3) Bro sold 90 treasury shares at $68 each.

(4) Bro sold 100 shares of treasury stock for $61 each.

(5) Bro sold the remainder of the treasury shares for $58 each.

Required - In transaction #5: how much is debited to retained earnings?

Reference no: EM133091306

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