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What was the beginning value of retained earnings

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Reference no: EM133131034

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 $400,000

Paid-In Capital in Excess of Par-Common Stock 650,000

Preferred Stock - $100 par, 5,000 shares issued 570,000

Paid-In Capital in Excess of Par-Preferred 100,000

Retained Earnings 290,000

Treasury Stock (cost - $10 per share) 160,000

If net income for the year was $140,000 and a preferred stock dividend of $35,000 was paid, what was the beginning value of retained earnings?

Reference no: EM133131034

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