Financial Statement Relations to Compute Dividends
Colgate-Palmolive Company reports the following balances in its retained earnings.
| Retained earnings |
$14,329 |
$13,157 |
During 2010, Colgate-Palmolive reported net income of $2,203 million.
a. Assume that the only changes affecting retained earnings were net income and dividends. What amount of dividends did Colgate-Palmolive pay to its shareholders in 2010? answer in $
b. This dividend amount constituted what percent of its net income? (Round your answer to one decimal place.)