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What was their retained earnings balance on December

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Question - El Tigre, Inc. opened on January 1, 2020 by issuing 100,000 shares of common stock for $250,000. Stock issuance costs were $10,000. El Tigre reported $400,000 in net income for the year. On November 1, 2020, a $10,000 cash dividend was declared. The dividend was paid on December 1. El Tigre reported a credit to Unrealized Gain or Loss- OCI of $5,000. What was the balance in Retained Earnings on December 31, 2021?

A. $385,000

B. $400,000

C. $390,000

D. $635,000

E. $395,000

Reference no: EM133006822

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