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?