E15.16B

(L0 4)

(Computation of Retained Earnings)

The following information has been taken from the accounting

records Vista Free Corporation:

Total net income since incorporation

$466,000

Total cash dividends paid

260,000

Proceeds from sale of treasury stock

40,000

Total value of stock dividends distributed

2,000

Total purchases of treasury stock

35,000

Unamortized premium on bonds payable

32,000

Instructions

Determine the current balance of retained earnings.