Retained Earnings Titanic Corporation's net income for the year is $450,000. On June 30, a $0.75...

Transcribed Image Text:

Retained Earnings Titanic Corporation's net income for the year is $450,000. On June 30, a $0.75 per-share cash dividend was declared for all common stockholders. Common stock in the amount of 38,000 shares was outstanding at the time. The market price of Titanic's stock at year end is $18 per share. Titanic had a $1,100,000 credit balance in retained earnings at the beginning of the year. Required: Calculate the ending balance of retained earnings. Retained Earnings Titanic Corporation's net income for the year is $450,000. On June 30, a $0.75 per-share cash dividend was declared for all common stockholders. Common stock in the amount of 38,000 shares was outstanding at the time. The market price of Titanic's stock at year end is $18 per share. Titanic had a $1,100,000 credit balance in retained earnings at the beginning of the year. Required: Calculate the ending balance of retained earnings.