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The stockholders' equity account balances of Kay Corporation for 2020 are given below: January 1 December 3 1 Common stock ($12 par, 54,000 shares outstanding)648,000

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The stockholders' equity account balances of Kay Corporation for 2020 are given below: January 1 December 3 1 Common stock ($12 par, 54,000 shares outstanding)648,000 Paid-in capital-common stock . . . . . . . . . . . . . . . . . . 540,000 Treasury stock (10,000 share; $16 cost per share)160,000 Paid-in capital treasury stock 720,000 600,000 36,800 5,000 .425,000 During 2020, Kay Corporation entered into the following transactions: March 23 Re-issued 2,400 of the treasury shares for $12 per share June 9 August 15 Issued 6,000 shares of previously un-issued common stock November 2 Re-issued 1,600 of the treasury shares for $14 per share December 18 Declared and paid a $3.75 dividend per share on the Re-issued 3,700 of the treasury shares for $23 per share outstanding shares of common stock Kay Corporation reported a net income of $293,670 for 2020 Calculate the balance in the retained earnings account at December 31, 2020

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