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What is effect of transactions on retained earnings account

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Reference no: EM133087370

Question - Aspen Corp. had the following common stock activity during the year:

January 1: Issued 150,000 shares of $5 par value common stock at $35 per share.

May 31: Repurchased 50,000 of the above shares at $38 per share

September 30: Reissued 25,000 of the repurchased shares at $40 per share

December 31: Reissued 25,000 of the repurchased shares at $34 per share.

Assuming that the company uses the cost method to record it's treasury stock activity, what is the effect of the above transactions on its retained earnings account?

Reference no: EM133087370

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