Solving for Stockholders' Equity Amounts

Assume that the following amounts are known for Miles Company for the current year:

Retained Earnings, beginning balance	$420,000
Retained Earnings, ending balance	500,000
Cash dividends declared	100,000
Fair value of large stock dividend declared	50,000
Dividend Payable, beginning balance	90,000
Dividend Payable, ending balance	80,000

Required:

1. Assume that the only other amount that affected Retained Earnings during the year was the net income. Compute the net income for Miles Company for the current year.

$____________

2. Compute the amount of cash dividends actually paid in cash to stockholders during the year.

$____________