Given the following information about a corporation's current year activities, compute the retained earnings for the current year. Retained earnings, January 1 $342,000Cash dividends$51,700Stock dividends$40,000Net income$141,000
What will be an ideal response?
Retained Earnings = $391,300
Supporting computations:
| Retained earnings, January 1 | ? | ? | $342,000 | ? |
| Add: Net income | ? | ? | 141,000 | ? |
| ? | ? | ? | $483,000 | ? |
| Less: Cash dividends | $51,700 | ? | ? | ? |
| Stock dividends | 40,000 | ? | 91,700 | ? |
| Retained earnings, current year | ? | ? | $391,300 | ? |
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