Question: Titania Corporation's net Income for the year ended December 31, 2018, Is $380,000. On June 30, 2018, a $0.75 per share cash dividend was declared

Titania Corporation's net Income for the year ended December 31, 2018, Is $380,000. On June 30, 2018, a $0.75 per share cash dividend was declared (or all common shareholders. Common shares in the amount of 38,000 were outstanding at the time. The market price of Titania's shares at year-end (12/31/18) is $18 per share. Titania had a $1,100,000 credit balance in retained earnings at December 31, 2017.

Required:

Calculate the ending balance (12/31/18) of retained earnings.

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