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Mayfair Corporation has outstanding 96,000 shares of $1 par value common stock as well as...

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Accounting

Mayfair Corporation has outstanding 96,000 shares of $1 par value common stock as well as 22,000 shares of 10.0%, $100 par value cumulative preferred stock. At the beginning of the year, the balance in retained earnings was $800,000, and one year's dividends were in arrears. Net income for the current year is $520,000. Compute the balance in retained earnings at the end of the year if Mayfair Corporation pays a dividend of $3.2 per share on its common stock this year.

$572,800.

$527,200.

$1,012,800.

$1,100,000.

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