(Financial Accounting)

ABC has a corporate charter that authorizes it to issue up to 100,000 shares of $1 par value common stock. The following events occur in 2022:

On January 1, ABC issues 10,000 shares of common stock for $20 per share.

On April 1, ABC declares a dividend of $2 per share.

On May 1, the dividend is paid.

On September 1, ABC repurchases 1,000 shares of its common stock for $15 per share.

On October 1, ABC declares another $2 per share dividend.

On November 1, the dividend is paid. ABC had $50,000 in net income for the year.

Question 1

What is the balance in Treasury Stock as of December 31, 2022?

(THE ANSWER IS NOT 15,000)