During the current year, the total assets of Mifflinburg Corporation decreased by $60,000 and total liabilities decreased

Question:

During the current year, the total assets of Mifflinburg decreased by $60,000 and total liabilities decreased by $300,000. The company issued $100,000 of new stock, and its net income for the year was $250,000. No other changes to stockholders’ equity occurred during the year. Determine the dollar amount of dividends declared by the company during the year.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...