Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please show calculations. Thank you. At the beginning of 2015, Bonita Industries had retained earnings of $390000. During the year Bonita reported net income of
Please show calculations. Thank you.
At the beginning of 2015, Bonita Industries had retained earnings of $390000. During the year Bonita reported net income of $97000, sold treasury stock at a "gain" of $35500, declared a cash dividend of $59700, and declared and issued a small stock dividend of 2830 shares ($10 par value) when the fair value of the stock was $21 per share. The amount of retained earnings available for dividends at the end of 2018 was
$403370.
$434500.
$367870.
$399000.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started