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A company had retained earnings on 1/1/2018 of $8.5m. During 2018, it paid a dividend of $1.2m that had been declared in 2017 and it
A company had retained earnings on 1/1/2018 of $8.5m. During 2018, it paid a dividend of $1.2m that had been declared in 2017 and it also declared a dividend in 2018 for $1.6m, payable in 2019. No other dividends were paid or declared. Net income was $2.3m in 2017 and $3.3m in 2018. In 2019, net income is projected to be $4.2m. Please calculate:
a. Retained Earnings 1/1/2017:
b. Retained Earnings 12/31/2018:
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