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Cheyenne Inc. has 100000 common shares outstanding and has a policy of paying a $1.90 annual dividend for each of these shares. Cheyenne has an
Cheyenne Inc. has 100000 common shares outstanding and has a policy of paying a $1.90 annual dividend for each of these shares. Cheyenne has an income tax rate of 35%, and its retained earnings statement for 2023 reported a closing balance of $1470000. Assuming an opening retained earnings balance of zero, dividend payments according to its usual policy, and no other adjustments, Cheyenne's 2023 net income was Select answer from the options below $2451538. $1470000. $1593500. $1660000
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