Reference no: EM133272823
The Torre Company has the following stockholders' equity account balances in stockholders equity on December 31. ?
Common Stock - $5 par, 60,000 shares issued $340,000
Paid-In Capital in Excess of Par-Common Stock 630,000
Preferred Stock - $100 par, 5,000 shares issued 530,000
Paid-In Capital in Excess of Par-Preferred 140,000
Retained Earnings 210,000
Treasury Stock (cost - $10 per share) 80,000
If net income for the year was $90,000 and a preferred stock dividend of $20,000 was paid, what was the beginning value of retained earnings?
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