ed Out Inst |https://ccis.ucourses.com/d21Ne 19067/M 968908,View Review Please review the following questions to reinforce your understanding of the material. Question 1 of 5 1. Perez Corporation has 100,000 shares of $1 par value common stock and 20,000 shares of 8% cumulative preferred stock, $100 par value, outstanding. The balance in Retained Earnings at the beginning of the year was $1,600,000, and one year's dividends were in arrears. Net income for the current year was $870,000. If Perez Corporation paid a dividend of $2 per share on its common stock, what is the balance in Retained Earnings at the end of the year? O $2,150,000. O$2,270,000. O $2,110,000. o $1,950,000. ACCT 281: Accounting Type here to search