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What was elite corporations retained earnings at the end

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Question

At the beginning of the current year, Elite Corporation had 130,000 shares of $1 par common stock outstanding and had retained earnings of $4,100,000.

During the year, the company earned $1,605,000, declared a 10% stock dividend when the price of stock was $25 per share, and paid a year-end cash dividend of $4 per share.

(The cash dividend was paid after the stock dividend had been distributed.) What was Elite Corporation's retained earnings at the end of the year?

Reference no: EM132327105

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