During the year, McKenna Companys shareholders equity increased from $38,000 to $50,000. McKenna earned net income of

Question:

During the year, McKenna Company’s shareholders’ equity increased from $38,000 to

$50,000. McKenna earned net income of $18,000. How much in dividends did McKenna declare during the year?

a. $0 (no dividends were paid)

c. $12,000

b. $6,000

d. $7,000

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