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Determine the retained earnings balance at December

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Problem - Pullman Corporation had retained earnings of $700,000 at January 1, 2011. During the year the company experienced a net loss of $300,000 and declared cash dividends of $80,000. It was discovered in 2011 that $50,000 of repair expense was debited to the land account in 2010. The income tax rate is 20%. Determine the retained earnings balance at December 31, 2011.

a. $270,000

b. $360,000

c. $350,000

d. $280,000

Reference no: EM132686601

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