Exercise 10-58 Retained Earnings Titanic Corporation's net income for the year ended December 31, 2011, is $380,000. On June 30, 2011, a $0.75 per share cash dividend was declared for all common stockholders. Common stock in the amount of 38,000 shares was butstanding at the time. The market price of Titanic's stock at year-end (12/31/11) is $18 per share. Titanic had a $1,100,000 credit balance in retained earnings at December 31, 2010. Calculate the ending balance (12/31/11) of retained earnings. Retained Earnings Beginning balance Net income Dividends Ending balance Hide Feedback Partially Correct Check My Work Feedback Set up T account for retained earnings. Calculate dividends and subtract (debit) account