### Computation of retained earnings

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##### Reference no: EM1319581

During 2006, Edgemont Corporation had revenues of \$230,000 and expenses, including income taxes, of \$190,000. On December 31, 2005, Edgemont had assets of \$350,000, liabilities of \$80,000, and capital stock of \$210,000. Edgemont paid a cash dividend of \$25,000 in 2006. No additional stock was issued. Compute the retained earnings on December 31, 2005, and 2006.

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