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Compute the ending balance in retained earnings at the end

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Question - Cullumber Company reported retained earnings at December 31, 2021, of $307,000. Cullumber had 190,000 shares of common stock outstanding at the beginning of 2022.

The following transactions occurred during 2022.

1. A cash dividend of $0.35 per share was declared and paid.

2. A 10% stock dividend was declared and distributed when the market price per share was $13 per share.

3. Net income was $288,000.

Required - Compute the ending balance in retained earnings at the end of 2022.

Reference no: EM133153360

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