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Aggie Corporation began operations on January 1, 2015, with an investment of $150,000 by each of its two stockholders. Net income for its first year
Aggie Corporation began operations on January 1, 2015, with an investment of $150,000 by each of its two stockholders. Net income for its first year of business was $92,000. During 2016 and 2017, net income increased to $188,000 and to $217,000 respectively. Aggie paid $10,000 in dividends to each of the two stockholders in each of the three years. During 2017, the owners invested an additional $50,000 each into the business. Determine the amount of Aggies retained earnings at December 31, 2017.
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