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Question
A company has 5,000 shares of $1 par value common stock and 6,000 shares of 2%, $98 par, noncumulative preferred stock outstanding. The balance in Retained Earnings at the beginning of the year was $750,000. Net income for the current year was $400,000. If the company paid a dividend of $3 per share on its common stock, what is the balance in Retained Earnings at the end of the year?
A. $1,123,240
B. $1,135,000
C. $1,150,000
D. $735,000
E. $723,240
Answer
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Related questions
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Q:
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