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(TCO7) The Cosmo Company was started by issuing 800 shares of $10 par value stock at an average market price of $20 per share. The company...

2. (TCO7) The Cosmo Company was started by issuing 800 shares of $10 par value stock at an average market price of $20 per share. The company repurchased 100 shares at a market price of $15 per share. The company later sold 50 shares at a market price of $25 per share. At the end of the first year of operations the company has $2,600 of retained earnings in addition to its contributed capital.

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