Retained Earnings had a balance on January 1,2017,and December 31,2017,respectively,of $234,500 and $411,000.Net income for the year was $199,500 and the only other event affecting Retained Earnings was the declaration of dividends.If there was no change in the Dividends account during the year,the payments for dividends was:

Question

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Retained Earnings increased by $176,500 during the year ($411,000 - $234,500). Since net income was $199,500, dividends must have been $23,000 ($199,500 - $176,500).

Retained Earnings Had a Balance on January 1,2017,and December 31,2017,respectively,of