The following was abstracted from the accounts of the Anderson Corp at year-end: Total income since incorporation ...................... $420,000 Total cash dividends paid ............................. 130,000 Proceeds from sale of donated stock ................... 45,000 Total value of stock dividends distributed ............ 30,000 Excess of proceeds over cost of treasury stock sold ... 70,000
What should be the current balance of Retained Earnings?
a. $260,000
b. $290,000
c. $305,000
d. $335,000
e. None of these answers is correct.
A
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