Ningbo Steel had year end 2011 and 2012 retained earnings balances of $6,000,000 and $6,600,000 respectively. The firm paid $200,000 of dividends in 2011. Based on this information, Ningbo Steel's net profit after taxes in 2011 was:
A) $200,000
B) $600,000
C) $620,000
D) $6,200,000
Correct Answer:
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