Reference no: EM132420480
The stockholders' equity accounts of Petaluma, Inc. include the following at May 31, 2016:
Common stock, $3.50 par value, 80,000 shares authorized; 10,000 shares outstanding $35,000
Additional paid-in capital in excess of par value 46,500
Accumulated other comprehensive income (1,990)
Retained earnings 234,000
Total equity $313,510
During 2017, the following transactions occurred:
Feb 15 Declared and issued cash dividends of $4.50 per share
May 31 Recorded an unrealized loss on foreign currency translation of $12,400.
May 31 Recorded net income of $385,000
Calculate the year-ending balance of retained earnings for May 31, 2017.