Part $2$: Problem Solving

Use the following information regarding Miley Corporation to answer questions $($a$)$ and $($b$).$

Miley Corporation had the following balance sheet data:

$($a$)$ If the balance of the Equipment account was $$300,$ what would be the balance of the

Retained Earnings account?

$($b$)$ If the balance of the Equipment account was $$500,$ and $$100$ of the Accounts Payable

account was paid in cash, what would be the balance of the Retained Earnings

account?

A corporation begins the year with a Retained Earnings balance of $$200,000$ and ends the

year with a Retained Earnings balance of $$300,000.$ During the year the company eamed

Net Income of $$175,000.$ What is the value of the company's Dividends Declared for the

year?