On January 1, 2011, Green Corporation started the year with a $520,000 balance in retained earnings. During

Question:

On January 1, 2011, Green Corporation started the year with a $520,000 balance in retained earnings. During 2011, the company earned net income of $89,500 and declared and paid dividends of $10,000. Also, the company received cash of $150,000 from a new issue of common stock. What is the balance in retained earnings on December 31, 2011?

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...