The Retained Earnings balance was $23,000 on January 1. Net income for the year was $18,250. If Retained Earnings
had a credit balance of $24,000 after closing entries were made for the year, and if additional stock of $5,300 was issued during the year, what was the amount of dividends declared during the year?
Ending balance of Retained Earnings = Beginning balance of Retained Earnings + Net Income for the... View the full answer