On january 1, 2016, miller corporation had retained earnings of $8,000,000. during 2016, miller reported net income of $1,500,000, declared dividends of $500,000, and issued common stock for $1,000,000. what were miller's retained earnings on december 31, 2016?

Miller's retained earnings on December 31, 2016 is $9,000,000.

Explanation:

Miller's retained earnings on 31 December 2016 = retained earnings on January 1, 2016 + net income - declared dividends

= $8,000,000 + $1,500,000 - $500,000

= $ 9,000,000

Therefore, Miller's retained earnings on December 31, 2016 is $9,000,000.

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