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What is diamond inc retained earnings balance on december

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Reference no: EM132968236

Diamond Inc. had the following equity accounts on January 1, 20x3:

Common shares (228,799 issued) $825,000

Retained Earnings $913,633

During the year 20x3, Diamond Inc. had the following equity transactions:

Feb. 2nd Issued 8,871 common shares for $30,000.

June 30th Effected a 2-for-1 stock split.

Aug. 15th Declared a $1.94 cash dividend per share to shareholders of record August 15th, payable January 15th, 20x4.

Dec. 31st Annual net income of $507,028.

Problem 1: What is Diamond Inc.'s retained earnings balance on December 31, 20x3 (round to the nearest whole dollar)?

Reference no: EM132968236

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