A company's retained earnings on December 31, 2018 was $2,190,000 and its shareholders' equity was $8,760,000. During 2019 the company reported the following: Net income $225,000
A sale of treasury stock costing $75,000 for $79,750
A treasury stock purchase costing $125,700
A cash dividend declaration of $73,200
A 10,000 share "small" common stock ($10 par value) dividend was declared and distributed when the market value was $12.75 per share.
What is the retained earnings balance on December 31, 2019?
A. $2,246,550
B. $2,219,050
C. $2,216,100
D. $1,994,050
Answer: C
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