Compute the amount of net income for 2007

Reference no: EM13948745

Analyzing changes in retained earnings. Eaton Corporation, a U.S. diversified power management company, reported a balance in Retained Earnings of $2,796 million at the beginning of 2007 and $3,257 million at the end of 2007. Based on Eaton Corporation"s financial reports for fiscal 2007, it reported dividends declared and paid of $251 million for 2007. Compute the amount of net income for 2007. Eaton Corporation applies U.S. GAAP, and reports its results in millions of U.S. dollars.

Reference no: EM13948745

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