On January 1, Kimberling Corporation's Retained Earnings Account Had a Balance

Multiple Choice

On January 1, Kimberling Corporation's Retained Earnings account had a balance of $400,000. During the year, the board of directors declared cash dividends of $50,000 and small stock dividends with a market value of $40,000. Net income for the year amounted to $120,000. What is the balance in Retained Earnings appearing on the statement of stockholders' equity on December 31?

A) $470,000
B) $310,000
C) $430,000
D) $350,000