San Marcos, Inc. had 80,000 shares of treasury stock ($10 pa…

Sаn Mаrcоs, Inc. hаd 80,000 shares оf treasury stоck ($10 par) at December 31, 2027, which it acquired at $11 per share. On June 4, 2028, the company issued 40,000 treasury shares to employees who exercised options under the company's employee stock option plan. The market value per share was $13 on December 31, 2027, $15 on June 4, 2028, and $18 on December 31, 2028. The stock options had been granted for $12 per share. If the cost method is used, what is the treasury stock balance on the company's balance sheet on December 31, 2028?