Given the Following Information About a Corporation's Current Year Activities

Essay

Given the following information about a corporation's current year activities, compute the retained earnings for the current year.
$$\begin{array} { l | l } \text { Retained earnings, January 1 } & \$ 342,000 \\\hline \text { Cash dividends } & \$ 51,700 \\\hline \text { Stock dividends } & \$ 40,000 \\\hline \text { Net income } & \$ 141,000\end{array}$$