The following information was abstracted from the accounts of the Oar Corporation at December 31, 2007:
|
Total income since incorporation |
$840,000 |
|
Total cash dividends paid |
260,000 |
|
Proceeds from sale of donated stock |
90,000 |
|
Total value of stock dividends distributed |
60,000 |
|
Excess of proceeds over cost of treasury stock sold |
140,000 |
What should be the current balance of retained earnings?
a. $520,000
b. $580,000
c. $610,000
d. $670,000