Find the amount for dividends payment

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Reference no: EM1359320

Wheeler Corporation had retained earnings as of 12/31/08 of $12 million. During 2009, Wheeler's net income was $4 million. The retained earnings balance at the end of 2009 was equal to $13 million. Therefore, ________.
a. Wheeler paid a dividend in 2008 of $3 million
b. Wheeler paid a dividend in 2008 of $5 million
c. Wheeler sold common stock during 2008 for $3 million
d. Wheeler purchased treasury stock in 2008 for $3 million

Reference no: EM1359320

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