Dozier Corporation's Retained Earnings balance at the end of 2009 and 2010 was $220,000 and $370,000, respectively. During 2010, Dozier's net income was $170,000. All dividends declared and paid during 2010 were cash dividends. During 2010, how much cash did Dozier use for dividends?
A) $ 20,000
B) $150,000
C) $170,000
D) $300,000
E) $320,000
Correct Answer:
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