Retained Earnings \\ Refer to the information for Titanic Corporation above.}

\section*{Required:}

Calculate the ending balance (12/31/18) of retained earnings.

Titanic Corporation's net income for the year ended December 31, 2018, is \(\$ 380,000\). On June 30,2018 , a \(\$ 0.75\) per-share cash dividend was declared for all common shareholders. Common shares in the amount of 38,000 common shares were outstanding at the time. The market price of Titanic's shares at year-end (12/31/18) is \(\$ 18\) per share. Titanic had a \(\$ 1,100,000\) credit balance in retained earnings at December 31, 2017 .
\section*{OBJECTIVE}
4 \section*{.}
\section*{Brief Exercise