Use the Following Information for Questions

question 31

Multiple Choice

Use the following information for questions.
At December 31, 2016, the balance in Helsinki Ltd.'s retained earnings account was $420,000.During 2017, Helsinki had the following transactions:
Acquired 5,000 treasury shares at $27 a share.The shares are no par and had originally been issued for $24 per share.There had been no previous treasury shares transactions.
Sold the 5,000 treasury shares at $32 a share.
Reported net income of $150,000.
-The balance in retained earnings at December 31, 2017 would be

• A)$555,000.
• B)$570,000.
• C)$585,000.
• D)$610,000.

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Definitions:

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