Thermopolis, Inc. reported retained earnings of $490,953 on December 31, 2017. During the year, Thermopolis recorded net income of $135,075 and paid dividends of $57,762. The company had no other transactions that affected retained earnings.
What must retained earnings have been on December 31, 2016?
A) $ 57,762
B) $237,250
C) $413,640
D) $478,842
E) None of the above
Correct Answer:
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