At the Beginning of the Current Year,Elite Corporation Had 200,000

question 30

Multiple Choice

At the beginning of the current year,Elite Corporation had 200,000 shares of $1 par common stock outstanding and had retained earnings of $4,800,000.During the year,the company earned $1,675,000,declared a 10% stock dividend when the price of stock was $28 per share,and paid a year-end cash dividend of $3 per share.(The cash dividend was paid after the stock dividend had been distributed. ) What was Elite Corporation's retained earnings at the end of the year?

• A)$5,915,000
• B)$5,255,000
• C)$5,311,000
• D)$3,580,000

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Definitions:

Alcohol

A colorless volatile liquid, it is the intoxicating ingredient in drinks such as beer, wine, and spirits.

Neuroadaptation

The process by which the brain adjusts to changes in its environment, often in response to the repeated use of substances or in reaction to prolonged stress, which can affect behavior and perception.

Psychoactive Drug

A substance that influences brain activity, leading to changes in how one perceives reality, feels, or attains awareness.

Substance Use Disorder

A condition characterized by an uncontrollable use of substances despite harmful consequences.