ABC Company has the following beginning balances in its stockholders' equity accounts on January 1, 2021: Common Stock ($2 par value), $1,100; Additional Paid-in Capital, $4,200; Retained Earnings, $29,000; Total Stockholders' equity, $34,300. ABC Company has the following transactions affecting stockholders' equity in 2021:

May		18		Issues 120 additional shares of $2 par value common stock for $25 per share.
May		31		Purchases 60 shares of treasury stock for $40 per share.
July		1		Declares a cash dividend of $1 per share to all stockholders of record on July 15. Hint: Dividends are not paid on treasury stock.
July		31		Pays the cash dividend declared on July 1.
August		10		Resells 25 shares of treasury stock purchased on May 31 for $50 per share.
December		31		Net income for the year ended December 31, 2021, is $1,000.

Required:

How many shares of common stock have been issued in total?

multiple choice 1

• 670

• 1220

• 610

• 1160

What is the balance of Retained Earnings on December 31, 2021?

multiple choice 2

• $29,390

• $28,840

• $28,780

• $29,940

What is the (debit) balance of the Treasury Stock account on December 31, 2021?

multiple choice 3

• $1,400

• $1,150

• $1,750

• $2,400

What is the balance of Additional Paid-in Capital on December 31, 2021?

multiple choice 4

• $7,210

• $6,710

• $6,950

• $4,690

How is the number of outstanding shares on December 31, 2021?

multiple choice 5

• 635

• 1,185

• 85

• 1,135