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Stockholders' equity of Ziyech Corporation as of January 1, 2020, is as follows: Common stock, $20...

Stockholders' equity of Ziyech Corporation as of January 1, 2020, is as follows:

Common stock, $20 par; issued and outstanding 90,000 shares: $1,800,000

Paid-in capital – excess of par: $900,000

Retained earnings: $760,000

Ziyech had not repurchased shares before. During 2020, Ziyech entered into the following transactions:

1. Acquired 2,500 shares of its stock for $75,000.

2. Sold 2,000 treasury shares at $32 per share.

3. Sold the remaining treasury shares at $20 per share.

Assuming no other equity transactions occurred during 2020, net income and dividends for the year were $33,000 and $6,000, respectively, what is retained earnings balance on December 31, 2020?

  • $783,000

  • $786,000

  • $777,000

  • $787,000

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