Question: A company began 2019 with retained earnings of $23.45 million. During the year, it paid four quarterly dividends of 0.25 per share to common stockholders

A company began 2019 with retained earnings of $23.45 million. During the year, it paid four quarterly dividends of 0.25 per share to common stockholders holding 1 million shares. Preferred stockholders, holding 0.5 million shares, were paid four quarterly dividends of 0.50 per share. The firm had a net profit after taxes of 2.18 million. What is the value of the retained earnings balance at the end of the year?

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