E14.9 (LO 2) Newland Company reported retained earnings at December 31, 2019, of $310,000. New- land had 200,000 shares of common stock outstanding at the beginning of 2020. The following transactions occurred during 2020. 1. A cash dividend of $0.50 per share was declared and paid. 2. A 5% stock dividend was declared and distributed when the market price per share was $15 per share. 3. Net income was $285,000. Instructions Compute the ending balance in retained earnings at the end of 2020.

E14.9 (LO 2) Newland Company reported retained earnings at December 31,2019 , of $310,000. Newland had 200,000 shares of common stock outstanding at the beginning of 2020 . The following transactions occurred during 2020 . 1. A cash dividend of $0.50 per share was declared and paid. 2. A 5% stock dividend was declared and distributed when the market price per share was $15 per share. 3. Net income was $285,000. Instructions Compute the ending balance in retained earnings at the end of 2020