Kuchman Kookware issued 40,000 shares of its $8.00 par value common stock for $9 on January 1, Year.

Kuchman Kookware issued 40,000 shares of its $8.00 par value common stock for $9 on January 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 December 31; Year 2 would be reduced by:A. $0 B. $500 C. $1,000 D. $1,500View Solution:
Kuchman Kookware issued 40 000 shares of its 8 00 par value

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