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Retained Earnings Given the following current year information, calculate Adair Corporation's retained earnings balance on December 31 . Net income, $95,400 . Common stock dividends declared, $32,000 Retained earnings, January 1, $122,250 Retained earnings, December 31: $1 22,250 X Feedback Y Check My Work Earned capital arises as the corporation generates earnings for the shareholders and reinvests the earnings in the shareholders. A corporation uses its Retained Earnings account to summarize the earned capital component of its income over the life of the corporation, minus the cumulative amount of dividends paid out to shareholders Basic EPS Given the following year-end information for Somerset Corporation, compute its basic earnings per share. - Net income, $13,000 -Preferred dividends dedared, $4,000 Weighted average common shares for the year, 4,500 13) Basic earnings per share: $ 2.125 X Feedback Check My Work In addition to reporting net income, corporations are also required by GAAP to report earnings per share infort financial information most closely examined by financial analysts, investors, and the financial press. On the nm with each share of common stock