What amount of retained earnings would norwards accounts


Question - Norward Ltd, issued 10,000 common shares for $45 each to begin its operations over a decade ago. No subsequent stock transactions had occurred until recently on May 10 when it repurchased 1,000 of these shares for retirement for $40 each, and then again on June 15 another 1,000 shares for $60. Prepare journal entries to record the two repurchases. What amount of retained earnings would Norward's accounts show after the second repurchase, assuming the January 1, 2015 balance was $300,000?

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