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Business, 27.03.2020 17:15 adjjones2011

The balance in retained earnings at December 31, 2017 was $1,440,000 and at December 31, 2018 was $1,164,000. Net income for 2018 was $1,000,000. A stock dividend was declared and distributed which increased common stock $500,000 and paid-in capital $220,000. A cash dividend was declared and paid.

The amount of the cash dividend was

$496,000.
$556,000.
$776,000.
$1,276,000.

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