What was the retained earnings amount reported

Reference no: EM133420744

Question: Spooky, Inc. was organized on January 1, 2021. The firm was authorized to issue 150,000 shares of $1 par common stock. During 2021, Spooky, Inc. had the following transactions relating to shareholders' equity:

Issued 40,000 shares of common stock at $9 per share
Issued 50,000 shares of common stock at $7 per share
Reported a net income of $200,000
Paid dividends of $60,000
Purchased 5,000 shares of treasury stock at $10

What was the retained earnings amount reported in the company's shareholders' equity section at the end of 2021?

Reference no: EM133420744

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