Ningbo Steel had year end 2010 and 2011 retained earnings balances of $5,000,000 and $6,000,000 respectively. The

Question:

Ningbo Steel had year end 2010 and 2011 retained earnings balances of $5,000,000 and $6,000,000 respectively. The firm paid $100,000 of dividends in 2011. Based on this information, Ningbo Steel's net profit after taxes in 2011 was:
Answer
$100,000
$900,000
$1,000,000
$1,100,000
None of the above