A company had a beginning balance in retained earnings of $530,000. It had net income of $60,000 and paid out cash dividends of $56,250 in the current period. What the ending balance in retained earnings would be equal? 2)On January 1, a company issued and sold a $400,000,7%,10-year bond payable, and received proceeds of $396,000. Interest is payable each June 30 and December 31 . The company uses the straight-line method to amortize the discount. What is the journal entry to record the first interest payment