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At its date of incorporation, a company issued its $8 par common stock at $10...

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Accounting

At its date of incorporation, a company issued its $8 par common stock at $10 per share. During the current year, the company acquired 22,000 shares of its common stock at a price of $20 per share and accounted for them by the cost method. Subsequently, these shares were reissued at a price of $16 per share. Paid-in Capital T/S prior to the reissue has a balance of $13,000. How much does the reissuance of the stock decrease Retained Earnings? If there is no effect on Retained Earnings, then enter 0.

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