On January 1, 2020, Guided Light Corporation's Retained Earnings Account

question 57

Multiple Choice

On January 1, 2020, Guided Light Corporation's Retained Earnings account had a balance of $275,000. During 2020, cash dividends of $50,000 were declared and stock dividends with a
Market value of $40,000 were declared. Net income for 2020 amounted to $120,000. What is the balance in Retained Earnings appearing on the statement of shareholders' equity on December 31,
2020?

• A) $305,000
• B) $345,000
• C) $185,000
• D) $395,000

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