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What was the beginning value of retained earnings

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Reference no: EM132931093

The Torre Company has the following stockholders' equity account balances in stockholders equity on December 31. ?

Common Stock - $5 par, 60,000 shares issued $370,000
Paid-In Capital in Excess of Par-Common Stock 610,000
Preferred Stock - $100 par, 5,000 shares issued 590,000
Paid-In Capital in Excess of Par-Preferred 160,000
Retained Earnings 300,000
Treasury Stock (cost - $10 per share) 70,000

Problem 1: If net income for the year was $110,000 and a preferred stock dividend of $20,000 was paid, what was the beginning value of retained earnings?

Reference no: EM132931093

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