On January 1,2010 Miller Corporation had retained earnings of $8,000,000.During 2010,Miller reported net income of $1,500,000,declared dividends of $500,000,and issued stock for $1,000,000.What were Miller's retained earnings on December 31,2010?

Question

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Ending retained earnings ($9,000,000) = Beginning retained earnings ($8,000,000) + Net income ($1,500,000) - Dividends ($500,000).

On January 1,2010 Miller Corporation Had Retained Earnings of $8,000,000