Homework Answers
Statement of Retained Earnings
For the year ending December 31, 2017
| Retained Earnings, beginning | 389,000 | |
| Add:Net income | 291,000 | |
| 680,000 | ||
| Less: | ||
| Preferred dividends declared | 50,300 | |
| Common dividends declared | 9,900 | |
| - 60,200 | ||
| Retained Earnings, ending | 619,800 |
Retained Earnings, ending = $619,800
Third option is correct.
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