The island resort is Inc. and pays dividends each quarter. The balance Of the retained earnings account at the beginning of 2018 was $95,000. During 2018, net income of $105,000 was earned. And each calendar quarter a dividend of two dollars per share of common stock was declared. The number of common stock were as follows

(see 1st picture)

also during 2018 a correction of $3000 was made to correct the excessive depreciation expense shown on the 2017 income statement. You would like to repair the statement of retained earnings for the island resort for the year ended December 31, 2018 as follows

(see 2nd photo)

WHAT IS THE AMOUNT OF THE BALANCE IN DECEMBER 31st, 2018 ABOVE?

The McKeana Island Resort is incorporated and common stock were as follows: Quantes Rret 10,000 Second 12,000 Third 12,200 Fourth 12,800 January 1, 2018 balance Add: Net income for 20X6 Less: Dividends Add: Adjustment December 31, 2018 balance