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In 2 0 1 6 , Chesterfield Industries had sales of $ 1 , 2 0 0 , 0 0 0 . The company had

In 2016, Chesterfield Industries had sales of $1,200,000. The company had operating expenses (excluding depreciation) of $540,000, depreciation expense of $82,000 and interest expense of $54,000. Cost of goods sold was $280,000 and the company is subject to a 30% tax rate. The company had 50,000 shares of common stock outstanding. If the firm paid out $1.10 per share as dividends, how much in total did they add to retained earnings for 2016?
$225,800
$327,200
$115,800
$55,000
$2.32
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