Use the Following Information for Questions

question 18

Multiple Choice

Use the following information for questions.
At December 31, 2019, the balance in Helsinki Ltd.'s retained earnings account was $ 420,000. During 2020, 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, 2020 would be

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

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Definitions:

Long-Term Memories

Long-Term Memories are memories that can last from days to decades, involving the storage and retrieval of information over an extended period.

Anterograde Amnesia

A condition characterized by the inability to form new memories following the onset of amnesia.

Retroactive Interference

A memory phenomenon where new information disrupts the recall of previously learned information.

Memory Trace Decay

The theory that memory fades and disappears over time if not used, because the neural trace in the brain decays.