Strang plc. raised 2 million in equity financing last year. This year, they were able to earn a net 10 per cent on these funds. The company pays a 23 per cent tax on earnings and has a 75 per cent pay-out ratio. How much money did it pay in taxes? Note: taxes are always paid before dividends. Taxes paid How much money did it pay in dividends? Note: taxes are always paid before dividends. Dividends paid How much did it retain for future operations? Note: taxes are always paid before dividends. Retained Earnings