Reference no: EM133085648
Question - 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 690,000
Preferred Stock - $100 par, 5,000 shares issued 500,000
Paid-In Capital in Excess of Par-Preferred 170,000
Retained Earnings 200,000
Treasury Stock (cost - $10 per share) 160,000
If net income for the year was $115,000 and a preferred stock dividend of $20,000 was paid, what was the beginning value of retained earnings?