Use the Following Information for Questions

question 15

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.
-Instead, assume Helsinki cancelled the 5,000 shares when it acquired them.The balance in retained earnings at December 31, 2017 would then be

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

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Definitions:

Statement of Claim

A formal document submitted to a court detailing the plaintiff's allegations and the relief sought against the defendant.

Ban on Publication

A prohibition imposed on the dissemination or release of specific information or materials.

Court Proceedings

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Courts Open

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