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NovaTech Solutions began the year 2024 with $32 million in retained earnings. The firm earned a net income of $10.8 million during the year. The company paid $1.4 million to its preferred stockholders and $4.6 million to its common stockholders. What is the year-end 2024 balance in retained earnings for Nova Tech Solutions?

NovaTech Solutions began the year 2024 with $32 million in retained earnings. The firm earned a net income of $10.8 million during the year. The company paid $1.4 million to its preferred stockholders and $4.6 million to its common stockholders. What is the year-end 2024 balance in retained earnings for Nova Tech Solutions?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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NovaTech Solutions began the year 2024 with $32 million in retained earnings. The firm earned a net income of $10.8 million during the year. The company paid $1.4 million to its preferred stockholders and $4.6 million to its common stockholders. What is the year-end 2024 balance in retained earnings for Nova Tech Solutions?
Transcribed Image Text:NovaTech Solutions began the year 2024 with $32 million in retained earnings. The firm earned a net income of $10.8 million during the year. The company paid $1.4 million to its preferred stockholders and $4.6 million to its common stockholders. What is the year-end 2024 balance in retained earnings for Nova Tech Solutions?
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