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18-20 Guerrero Rocher Company was organized on May 4, 2021. During 2021, the company issued 1,000 shares of 5%, $20 par value cumulative preferred stock
18-20 Guerrero Rocher Company was organized on May 4, 2021. During 2021, the company issued 1,000 shares of 5%, $20 par value cumulative preferred stock for $30,000 and 30,000 shares of $1 par value common stock for $990,000. Guerrero did not declare any dividends in 2021. On January 1, 2022, Guerrero had Retained Earnings balance of $27,000. During 2022, Sales Revenue amounted to $410,000, Cost of Goods Sold was $260,000, operating expenses totaled $56,000, interest expenses totaled $8,400 and income tax expenses totaled $25,680. Guerrero declared and paid $39,000 as dividends during 2022. There was no issuance of new shares, treasury stock transactions, or stock retirements during 2022. Q18. Find the operating income for 2022. $74,000 $84,000 $94,000 $104,000 QUESTION 19 Q19. Find the balance of Retained Earnings as of December 31, 2022. $17,920 $27,920 $37,920 $47,920 Q20. What amount of cash dividends did the common stockholders receive per share in 2022? $1.03 $1.13 $1.23 $1.33
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