Reference no: EM133154995
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 $310,000
Paid-In Capital in Excess of Par-Common Stock 640,000
Preferred Stock - $100 par, 5,000 shares issued 530,000
Paid-In Capital in Excess of Par-Preferred 170,000
Retained Earnings 200,000
Treasury Stock (cost - $10 per share) 160,000
Required - If net income for the year was $115,000 and a preferred stock dividend of $40,000 was paid, what was the beginning value 15 of retained earnings?
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