Retained Earnings At the Beginning of 2009, Falcon Corporation Had 2 Million

Essay

Retained earnings
At the beginning of 2009, Falcon Corporation had 2 million shares of $2 par value ordinary share outstanding and retained earnings of $17 million. During 2009, Falcon earned $12 million, declared a 5% stock dividend when the price of the share was $19 per share, and paid a year-end cash dividend of $2.50 per share. (The cash dividend was declared after the stock dividend had been distributed.) At the end of 2009, what are the company's retained earnings?