Sheffield Inc. was authorized to issue 100000 £10 par valueordinary shares. As of December 31, 2020, the company had issued54000 shares at an average price of £22 per share. During 2020, thecompany felt that the shares were undervalued so it purchased 9800treasury shares at £16 per share. When the share price reboundedlater in the year, the company sold 4200 of the treasury shares for£24 per share. Retained earnings was £1666000 at December 31,2020.
Total equity at December 31, 2020 is
£2697200.
£2994000.
£2764400.
£2798000.
