Panmar Inc. is preparing a statement of stockholders' equity for 2019. On January 1, 2019, Panmar started the year with a $200,000 credit balance in its retained earnings account. During 2019, the company earned net income of $140,000. Panmar declared dividends of $80,000 and paid $50,000 of those dividends. Also, the company received cash of $100,000 for additional shares of common stock issued and then paid $30,000 to repurchase shares of common stock. What is the balance in retained earnings on December 31, 2019? Multiple Choice

$260,000

Explanation:

Calculation to determine the balance in retained earnings on December 31, 2019

Beginning retained earnings account credit balance $200,000

Add Net income of $140,000

Less Dividends ($80,000)

Retained earnings on December 31, 2019 $260,000

( $200,000 + $140,000 - $80,000)

Therefore the balance in retained earnings on December 31, 2019 will be $260,000

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explanation:

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