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Compute the year-end balance of the retained earnings

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Reference no: EM132935219

The stockholders' equity of Chelan Inc. at December 31, 2018, appears below:

Common stock, $15 par value, 200,000 shares authorized, 135,000 shares issued and outstanding 2,025,000

Paid-in capital in excess of par value 1,750,000

Retained earnings 2,375,000

During 2019, the following transactions occurred:

May 10: Declared a 10% common stock dividend when market value was $40 per share

August 31: Issued the stock dividend declared on June 15.

December 10: Declared a cash dividend of $2.50 per share to be paid in January 2020.

December 31: Recognized net income of $ 1,087,000.

Problem 1: Compute the year-end balance of the retained earnings for 2019.

Reference no: EM132935219

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