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As of December 31,2018, Wamer Corporation reported the following: Divdends payable Treasury stock ...

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Accounting

As of December 31,2018, Wamer Corporation reported the following:
Divdends payable
Treasury stock
Paid-In capital-share repurchase
Other pald-in capital accounts
Retalned earnings
$20,000
800,000
40,000
4,000,000
3,000,000
During 2019, half of the treasury stock was resold for $340,000; net income was $600,000; cash dividends declared were $1,500.000; and stock dividends declared were $500.000. The 2019 sale of half of the treasury stock would:
Multuple Choice
Reduce retained earnings by $30.000.
Reduce retained earnings by $20,000.
Reduce retained earnings by $60,000.
Reduce retained earnings by $40,000.
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