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Pacific Corporation has 100,000 shares of $1 par value common stock and 20,000 shares of...

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Accounting

Pacific Corporation has 100,000 shares of $1 par value common stock and 20,000 shares of 7% cumulative preferred stock, $100 par value, outstanding. The balance in Retained Earnings at the beginning of the year was $1,200,000, and one years dividends were in arrears. Net income for the current year was $680,000. If Pacific Corp paid a dividend of $2 per share on its common stock, what is the balance in Retained Earnings at the end of the year?

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