What is the balance in retained earnings to be reported

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Question - At the beginning of 2013, Couples Home Services had the following:

30 million shares of $1 par common stock $30

5 million shares of $100 par, 8% cumulative, non-participating preferred stock 500

Paid- in - capital excess of par 570

Retained earnings 200

During 2013, Couples earned $240 million. The company declared and paid the contracted amount of preferred dividends plus $2 per share to common stockholders. No dividends had been declared or paid during 2012. On January 8, Couples distributed a 3 for 2 common stock split effected in the form of a stock dividend.

What is the balance in retained earnings to be reported in the 2013 balance sheet?

Reference no: EM132193231

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