### Calculate the amount of retained earnings

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Question - At the beginning of 2015, Bonita Industries had retained earnings of \$390000. During the year Bonita reported net income of \$97000, sold treasury stock at a "gain" of \$35500, declared a cash dividend of \$59700, and declared and issued a small stock dividend of 2830 shares (\$10 par value) when the fair value of the stock was \$21 per share. The amount of retained earnings available for dividends at the end of 2018 was

\$403370.

\$434500.

\$367870.

\$399000.

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