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Sendee Company's retained earnings on December 31, 2020 was $2,150,000 and its shareholders' equity was $9,275,000. During 2022, the company reported the following: Net income $250,000 • A sale of treasury stock costing $65,000 for $69,750 • A treasury stock purchase costing $137,500 • A cash dividend declaration of $75,000 A "small" common stock (5,000 shares of $1 par value) dividend was declared and distributed when the market value was $8.75 per share. What is the retained earnings balance on December 31, 2022? O A. $2,213,500 ● O B. $2,281,250 O C. $2,351,000 O D. $2,400,000

Sendee Company's retained earnings on December 31, 2020 was $2,150,000 and its shareholders' equity was $9,275,000. During 2022, the company reported the following: Net income $250,000 • A sale of treasury stock costing $65,000 for $69,750 • A treasury stock purchase costing $137,500 • A cash dividend declaration of $75,000 A "small" common stock (5,000 shares of $1 par value) dividend was declared and distributed when the market value was $8.75 per share. What is the retained earnings balance on December 31, 2022? O A. $2,213,500 ● O B. $2,281,250 O C. $2,351,000 O D. $2,400,000

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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Sendee Company's retained earnings on December 31, 2020 was $2,150,000 and its shareholders' equity was $9,275,000. During 2022, the company reported the following: . Net income $250,000 A sale of treasury stock costing $65,000 for $69,750 • A treasury stock purchase costing $137,500 ● A cash dividend declaration of $75,000 • A "small" common stock (5,000 shares of $1 par value) dividend was declared and distributed when the market value was $8.75 per share. What is the retained earnings balance on December 31, 2022? O A. $2,213,500 B. $2,281,250 O C. $2,351,000 O D. $2,400,000
Transcribed Image Text:Sendee Company's retained earnings on December 31, 2020 was $2,150,000 and its shareholders' equity was $9,275,000. During 2022, the company reported the following: . Net income $250,000 A sale of treasury stock costing $65,000 for $69,750 • A treasury stock purchase costing $137,500 ● A cash dividend declaration of $75,000 • A "small" common stock (5,000 shares of $1 par value) dividend was declared and distributed when the market value was $8.75 per share. What is the retained earnings balance on December 31, 2022? O A. $2,213,500 B. $2,281,250 O C. $2,351,000 O D. $2,400,000
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