Question: At January 1, 2024, Crane Corporation had a credit balance of $4850000 in its retained earnings account. During the year, Crane declared and paid $270000

At January 1, 2024, Crane Corporation had a credit balance of $4850000 in its retained earnings account. During the year, Crane declared and paid $270000 in dividends and reported net income of $422000 and other comprehensive income of $746000. The December 31 balance of retained earnings is:

1. $4256000.

2. $5002000.

3. $5748000.

4. $4580000.

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