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At the beginning of 2018, Sheffield Corp. had retained earnings of $330000. During the year Sheffield...

At the beginning of 2018, Sheffield Corp. had retained earnings of $330000. During the year Sheffield reported net income of $74100, sold treasury stock at a “gain” of $27100, declared a cash dividend of $45100, and declared and issued a small stock dividend of 1400 shares ($10 par value) when the fair value of the stock was $30 per share. The amount of retained earnings available for dividends at the end of 2018 was:

$363200.

$30800.

$317000.

$338000.

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Answer #1
Beginning Retained earnings 330000
Add: Net income 74100
Less: Cash Dividends -45100
Less: Stock Dividends -42000 =1400*30
Amount of retained earnings at the end of 2018 317000
Option C $317000 is correct
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