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Montano1993 [528]
3 years ago
15

The balance in retained earnings at December 31, 2017 was $1,440,000 and at December 31, 2018 was $1,164,000. Net income for 201

8 was $1,000,000. A stock dividend was declared and distributed which increased common stock $500,000 and paid-in capital $220,000. A cash dividend was declared and paid.
The amount of the cash dividend was

$496,000.
$556,000.
$776,000.
$1,276,000.
Business
1 answer:
Irina18 [472]3 years ago
6 0

Answer:

$556,000

Explanation:

Beginning retained earnings (2017) + net income - stock dividend - cash dividend = Retained earnings (2018)

1,440,000 + 1,000,000 - 720,000 - cash dividend = 1,164,000

Cash dividend = 1720000−1164000

= $556000

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