Dove Corporation, a calendar year C corporation, had the following information for 2015: Net income per books

Question:

Dove Corporation, a calendar year C corporation, had the following information for 2015:

Net income per books (after-tax) .................................................... $386,250

Taxable income ......................................................................... 120,000

Federal income tax per books .......................................................... 30,050

Cash dividend distributions .......................................................... 150,000

Un-appropriated retained earnings, as of January 1, 2015 ......................... 796,010

Based on the above information, use Schedule M-2 of Form 1120 (see Example 40 in the text) to determine Dove's un-appropriated retained earnings balance as of December 31, 2015?

Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...