Ningbo Steel had year end 2010 and 2011 retained earnings balances of $5,000,000 and $6,000,000 respectively.The firm paid $100,000 of dividends in 2011.Based on this information,Ningbo Steel's net profit after taxes in 2011 was:
A) $100,000
B) $900,000
C) $1,000,000
D) $1,200,000
E) none of the above
Correct Answer:
Verified
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