Wean Corporation's budgeted balance sheet for the coming year shows total assets of $5,000,000 and total liabilities of $2,000,000 . Common stock and retained earnings make up the entire stockholders' equity section of the balance sheet. Common stock remains at its beginning balance of $1,500,000 . The projected net income for the year is $366,000 . The company pays no cash dividends. What is the
balance of retained earnings at the beginning of the budget period?
a. $1,034,000
b. $1,134,000
c. $1,866,000
d. $1,500,000
B
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