Grant, Inc.had 40,000 treasury shares ($10 par value) at December 31, 2010, which it acquired at $11 per share.On June 4, 2011, Grant issued 20,000 treasury shares to employees who exercised options under Grant's employee share option plan.The fair value per share was $13 at December 31, 2010, $15 at June 4, 2011, and $18 at December 31, 2011.The share options had been granted for $12 per share.The cost method is used.What is the balance of the treasury shares on Grant's statement of financial position at December 31, 2011?

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The Answer of Grant, Inc.had 40,000 treasury shares ($10 par value) at December 31, 2010, which it acquired at $11 per share.On June 4, 2011, Grant issued 20,000 treasury shares to employees who exercised options under Grant's employee share option plan.The fair value per share was $13 at December 31, 2010, $15 at June 4, 2011, and $18 at December 31, 2011.The share options had been granted for $12 per share.The cost method is used.What is the balance of the treasury shares on Grant's statement of financial position at December 31, 2011?