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What is the december ending balance of retained earnings

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Reference no: EM132161434

Question - The records of Groot Corp. for calendar 2018 reflected the following correct pre-tax amounts:

• gain from discontinued operations, $50,000;

• cash dividends declared and paid, $45,000;

• retained earnings, January 1, 2018, $275,000,

• correction of accounting error, $35,000 debit;

• income before income taxes and before discontinued operations, $165,000.

The average income tax rate of 40 % applies to all items except the dividends.

What is the December 31, 2018 ending balance of retained earnings?

Reference no: EM132161434

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