On 1 January 20X1, Grey Corp. issued 392,000 no-par common shares at $4.85 per share. In 20X5, there were treasury stock transactions. On 15 January 20X5, the company purchased 4,200 of its own common shares at $4.70 per share to be held as treasury stock. On 1 March, 750 of the treasury shares were resold at $6.20. On 15 March, 500 shares were purchased for $3.12. On 31 March, 850 of the treasury shares were sold for $3.45. The remaining shares were cancelled and retired on 1 June. The balance in retained earnings was $979,500 prior to these transactions.