The statement of retained earnings for Redwood Systems Ltd. shows a retained earnings balance of $300 million on December 31, 2016. In 2016, Redwood had a net income of $60 million and the firm had paid dividends of $20 million to its stockholders. What was the beginning balance of retained earnings for Redwood on January 1, 2016??
A. ?$300 million
B. ?$260 million
C. ?$380 million
D. ?$340 million
E. ?$220 million
Answer: B
Business
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