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22. On September 15, 2024, Ignite declares a quarterly cash dividend of $0.10 per share payable on October 10, 2024 to all stockholders of record
22. On September 15, 2024, Ignite declares a quarterly cash dividend of $0.10 per share payable on October 10, 2024 to all stockholders of record on October 7, 2024. On December 15, 2024, Ignite declares a quarterly cash dividend of $0.10 per share payable on January 10, 2025 to all stockholders of record on January 7, 2025. The company has 400,000 shares outstanding.
Assuming net income of $63,000 and a beginning balance in retained earnings of $1,060,000, determine the balance of retained earnings as of the year ended December 31, 2024.
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