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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