Exercise 0-3

A company acquired 11,000 shares of its common stock at a price of $36 per share and accounted for them by the cost method. Then, these shares were reissued at a price of $28 per share. Paid-in Capital T/S prior to the reissue has a balance of $4,000. How much does the reissuance of the stock decrease Retained Earnings?

Do NOT put plus or minus sign in front of the amount. If there is no effect on Retained Earnings, then enter 0.