TriCycle, Corp. began the year 2008 with $25 million in retained earnings. The firm earned a net income of $7.5 million in 2008 and paid $1.05 million to its preferred. stockholders and $3.05 million to its common stockholders. What is the year-end 2008 balance in retained earnings for TriCycle?

Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Eugene F. Brigham, Phillip R. Daves
Chapter6: Accounting For Financial Management
Section: Chapter Questions
Problem 6P: In its most recent financial statements, Del-Castillo Inc. reported 70 million of net income and 900...
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TriCycle, Corp. began the year 2008 with $25 million in
retained earnings. The firm earned a net income of $7.5
million in 2008 and paid $1.05 million to its preferred.
stockholders and $3.05 million to its common
stockholders. What is the year-end 2008 balance in
retained earnings for TriCycle?
Transcribed Image Text:TriCycle, Corp. began the year 2008 with $25 million in retained earnings. The firm earned a net income of $7.5 million in 2008 and paid $1.05 million to its preferred. stockholders and $3.05 million to its common stockholders. What is the year-end 2008 balance in retained earnings for TriCycle?
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