Par Value & Retained EarningsKC issued 40,000 shares of its $8 par value common stock for
$9 on Jan 1, 2002. KC repurchased 1,000 shares at $8 per share on Apr 1, 2003,
resold 500 shares at $9 per share on July 1, 2003, and on Oct 1, 2003, resold
the final 500 shares at $5 per share.
Assuming KC uses the par value method of accounting for its
treasury stock, retained earnings at Dec 31, 2003 would be how much?