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What the ending balance in retained earnings

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Question - Bonita Corporation has the following shareholders equity on July 31, 2020:

Shareholders' equity Share capital $10 preferred shares, cumulative 10,000 shares authorized, 4600 shares issued $1970000

Common shares, 600,000 shares authorized, 10900 shares issued 294000

Total share capital 2264000

Retained earnings 498000

Total shareholders' equity $2762000

Assume that on June 15, 2021, Bonita paid the preferred dividend for the current year (there were no dividends in arrears) and paid a dividend of $2 to each common shareholder. The company earned $50000 in profit during 2021. The July 31, 2021 financial statements will show an ending balance in retained earnings of

a. $548000.

b. $498000.

c. $480200.

d. $426200.

Reference no: EM133034925

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