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The stockholders' equity account balances of Kay Corporation for 2020 are given below: January 1 December 31 Common stock ($12 par, 45,000 shares outstanding) .....
The stockholders' equity account balances of Kay Corporation for 2020 are given below: January 1 December 31 Common stock ($12 par, 45,000 shares outstanding) ..... 660,000 744,000 Paid-in capital - common stock ........................ 275,000 373,000 Treasury stock (10,000 share; $17 cost per share) ..... 170,000 ? Paid-in capital - treasury stock ...................... 5,000 ? Retained earnings ..................................... 452,000 ? During 2020, Kay Corporation entered into the following transactions: March 23 Re-issued 2,400 of the treasury shares for $14 per share June 9 Re-issued 3,700 of the treasury shares for $21 per share August 15 Issued 7,000 shares of previously un-issued common stock November 2 Re-issued 1,800 of the treasury shares for $13 per share December 18 Declared and paid a $2.20 dividend per share on the outstanding shares of common stock Kay Corporation reported a net income of $203,670 for 2020. Calculate the balance in the retained earnings account at December 31, 2020.
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