At the Beginning of 2011, Flaherty Company Had Retained Earnings

question 43

Multiple Choice

At the beginning of 2011, Flaherty Company had retained earnings of $200,000.During the year Flaherty reported net income of $100,000, sold treasury shares at a "gain" of $36,000, declared a cash dividend of $60,000, and declared and issued a small share dividend of 3,000 shares ($10 par value) when the fair value of the shares was $20 per share.The amount of retained earnings available for dividends at the end of 2011 was

• A)$180,000.
• B)$210,000.
• C)$216,000.
• D)$246,000.

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