The Torre Company has the following stockholders' equity account balances in stockholders equity on December 31. Common
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Question:
The Torre Company has the following stockholders' equity account balances in stockholders equity on December 31.
| Common Stock -$5 par, 60,000 shares issued | $370,000 |
| Paid-In Capital in Excess of ParCommon Stock | 690,000 |
| Preferred Stock -$100 par, 5,000 shares issued | 500,000 |
| Paid-In Capital in Excess of ParPreferred | 170,000 |
| Retained Earnings | 200,000 |
| Treasury Stock (cost -$10 per share) | 160,000 |
If net income for the year was $115,000 and a preferred stock dividend of $20,000 was paid,what was the beginning value of retained earnings?
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