Reference no: EM133151097
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 $330,000
Paid-In Capital in Excess of Par-Common Stock 670,000
Preferred Stock - $100 par, 5,000 shares issued 510,000
Paid-In Capital in Excess of Par-Preferred 170,000
Retained Earnings 210,000
Treasury Stock (cost - $10 per share) 60,000
If net income for the year was $95,000 and a preferred stock dividend of $25,000 was paid, what was the beginning value of retained earnings?