Adella Corp. has outstanding 50,000 shares of $1 par value common stock as well as...
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Accounting
Adella Corp. has outstanding 50,000 shares of $1 par value common stock as well as 10,000 shares of 6%, $100 par value cumulative preferred stock. At the beginning of the year, the balance in retained earnings was $500,000, and one years dividends were in arrears. Net income for the current year is $260,000. Compute the balance in retained earnings at the end of the year if Adella Corp. pays a dividend of $2 per share on its commons tock this year.
| $540,000 | ||
| $660,000 | ||
| $760,000 | ||
| $600,000 |
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