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Kuchman Kookware issued 40,000 shares of its $8 par value common stock for $9 on Jan 1 year 1. Kuchman repurchased 1,000 shares at $8 per share on April 1 year 2 resold 500 shares at $9 per share on July 1 year 2, and on October 1 year 2 resold the final 500 shares at $5 per share. Assuming Kuchman uses the par value method of accounting for its treasury stock, retained earnings at Dec 31. Year 2 would be reduced by ?

a) 0

b) 500

c) 1000

d) 1500

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Accounting Basics, Accounting

Category:- Accounting Basics
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