Use the information below for Focal Point Corp for 2015 and 2016 to answer the following question. Retained earnings, December 31, 2015 $300,000 Retained earnings, December 31, 2016 345,000 Dividends payable, December 31, 2015 19,000 Dividends payable, December 31, 2016 29,000 Net income—2016 150,000 Assume that there were no retained earnings transactions other than those dealing with
dividends and net income. How much dividends did Focal Point declare during 2016?
a. $ 95,000
b. $105,000
c. $140,000
d. $150,000
b
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Indicate whether the statement is true or false.
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What will be an ideal response?