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Organic Corporation's net income for the year ended December 31, 2021, was $830,000. On February...

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Accounting

Organic Corporation's net income for the year ended December 31, 2021, was $830,000. On February 15, 2021, a $0.50 per-share cash dividend was declared for all common stockholders. Common stock in the amount of 80,000 shares was outstanding at the time, and Organic has treasury shares of 20,000. Organic Corporation had a $2,000,000 credit balance in retained earnings at December 31, 2020. The market price of Organic's stock December 31, 2020 and December 31, 2021 was $20 per share and $22 per share, respectively. What was Organic Corporation's ending retained earnings at December 31, 2021?

$2,780,000

$1,950,000

Organic Corporation's ending retained earnings at December 31, 2021 cannot be calculated based on the information provided.

$2,790,000

$2,030,000

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