Tang Inc. was authorized to issue 500,000 ¥1,000 par value ordinary shares. As of December 31, 2014, the company had issued 80,000 shares for proceeds of ¥198,000,000. During 2014, the company purchased 10,000 treasury shares at a total cost of ¥22,000,000. Later in the year, the company sold half of the treasury shares for ¥14,300,000. The balance in retained earnings at December 31, 2014 was ¥324,000,000 The balance in the Treasury Shares account reported on the December 31, 2014 statement of financial position is

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The company initially purchased 10,000 treasury shares for ¥22,000,000. They sold half (5,000 shares) for ¥14,300,000. The cost of the remaining 5,000 treasury shares is ¥11,000,000 (half of ¥22,000,000).

Tang Inc Was Authorized to Issue 500,000 ¥1,000 Par Value Ordinary