On January 1, 2010, Harrison Corporation started the year with a $422,000 balance in retained earnings. During

Question:

On January 1, 2010, Harrison Corporation started the year with a $422,000 balance in retained earnings. During 2010, the company earned net income of $130,000 and declared and paid dividends of $20,000. Also, the company received cash of $450,000 from a new issue of common stock. What is the balance in retained earnings on December 31, 2010?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...