Solved: The retained earnings balance on january 1 2013 was 90300, Accounting Basics

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The retained earnings balance on january 1 2013 was 90300

Problem

The retained earnings balance on January 1, 2013, was $90,300. Net income for the past 11 months has been $24,000. Preferred stock dividends for all of 2013 have been declared and paid. Calculate the amount of dividends on common stock during the first 11 months of 2013.

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Accounting Basics: The retained earnings balance on january 1 2013 was 90300

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