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The Torre Company has the following stockholders' equity account balances in stockholders equity on December 31. ?
Common Stock - $5 par, 60,000 shares issued
$350,000
Paid-In Capital in Excess of Par-Common Stock
620,000
Preferred Stock - $100 par, 5,000 shares issued
590,000
Paid-In Capital in Excess of Par-Preferred
150,000
Retained Earnings
280,000
Treasury Stock (cost - $10 per share)
60,000
If net income for the year was $90,000 and a preferred stock dividend of $25,000 was paid, what was the beginning value of retained earnings?
Financial Statement Analysis and Preparation
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