Cal nber of common shares outstanding for purposes of comput ing Mason's 20X1 basic earnings per share. The Retained earnings account for Nathan Corporation had a credit balance of $800,000 at the end of 20X0. Selected transactions during 20x1 follow: a a. Net income was $130,000. b. Cash dividends declared were $60,000. c. Repurchased 100 shares of Nathan Corporation common stock, paying $20 per share. Each share has a $5 par value and was originally issued for $35. d. Sold 20 shares of Nathan Corporation common stock for $22 each. E16-11 Retained earnings transactions (LO 16-1. LO 16-4) Required: Calculate Nathan's retained earnings balance as of the end of 20X1. What is the maximum dividend Nathan could have declared in 20X1? Assume there are no legal or contractual restrictions that apply