During a press conference, the CEO of Lamber Inc. announced a gross profit of $1,850,000...
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Accounting
During a press conference, the CEO of Lamber Inc. announced a gross profit of $1,850,000 at the end of this year. During this year the company recorded $950,100 in operating expenses, incurred $150,000 in interest expenses, and has declared $60,000 of total preferred stock dividends. The company has 20,000 shares of common stock outstanding. If Lamber Inc is subject to a 25% tax rate and were to a declare a 3.75 common stock dividend, then the increased retained earnings for this year is ________. Select one:
a. $562,900
b. $75,000
c. $427,425
d. $342,125
e. None of the suggested answers
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