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Please Answer both questions 23 At the beginning of the current year, Elite Corporation had 110,000 shares of $1 par common stock outstanding and had
Please Answer both questions
23 At the beginning of the current year, Elite Corporation had 110,000 shares of $1 par common stock outstanding and had retained earnings of $3,900,000. During the year, the company earned $1,585,000, declared a 10% stock dividend when the price of stock was $29 per share, and paid a year-end cash dividend of $2 per share. (The cash dividend was paid after the stock dividend had been distributed.) What was Elite Corporation's retained earnings at the end of the year? Multiple Choice eBook $5,166,000 $4,955,900 O $3,339,000 O $4,924,000 24 At the beginning of the current year, Wilson Corporation had 140,000 shares of $1 par common stock outstanding and had retained earnings of $4,200,000. During the year, the company earned $1.615,000 and paid a year-end cash dividend of $2 per share. What was Wilson Corporation's retained earnings at the end of the year? Multiple Choice eBook $5,535,000 O $5,675,000 $4,200,000 O $5,815,000 OStep by Step Solution
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