ABC Company has the following beginning balances in its stockholders' equity accounts on January 1, 2021: Common Stock (\$2 par value), \$1,200; Additional Paid-in Capital, \$4,200; Retained Earnings, \$25,000; Total Stockholders' equity, \$30,400. ABC Company has the following transactions affecting stockholders' equity in 2021: May 18 Issues 220 additional shares of $2 par value coman stock for $20 per share. May 31 Purchases 40 shares of treasury stock for $40 per share. July 1 Declares a cash dividend of $2 per share to al1 stockholders of record on July 15. Bint i Dividends are not paid on treasury stock. July 31 Pays the eash dividend declared on July 1 . Asqust 10 Resells 30 shares of treasury stock purehased on May 31 for $57 per share. December 31 Net incone for the year ended December 31, 2021, is \$1,000. Required: What is the balance of Retained Earnings on December 31, 2021? $24,440$23,240$23,160$25,640 What is the (debit) baltance of the Treasury Stock account on Decembet 31, 2021? $400 $110 $570 $1.600