Business, 26.03.2020 05:21 jazzzzhands21

Mayfair Corporation has outstanding 70,000 shares of $1 par value common stock as well as 20,000 shares of 7%, $100 par value cumulative preferred stock. At the beginning of the year, the balance in retained earnings was $800,000, and one year's dividends were in arrears. Net income for the current year is $580,000. Compute the balance in retained earnings at the end of the year if Mayfair Corporation pays a dividend of $3 per share on its common stock this year.

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Mayfair Corporation has outstanding 70,000 shares of $1 par value common stock as well as 20,000 sha...

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