Retained earnings
At the beginning of 2009, Falcon Corporation had 2 million shares of $2 par value ordinary share outstanding and retained earnings of $17 million. During 2009, Falcon earned $12 million, declared a 5% stock dividend when the price of the share was $19 per share, and paid a year-end cash dividend of $2.50 per share. (The cash dividend was declared after the stock dividend had been distributed.) At the end of 2009, what are the company's retained earnings?

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The Answer of Retained earnings
At the beginning of 2009, Falcon Corporation had 2 million shares of $2 par value ordinary share outstanding and retained earnings of $17 million. During 2009, Falcon earned $12 million, declared a 5% stock dividend when the price of the share was $19 per share, and paid a year-end cash dividend of $2.50 per share. (The cash dividend was declared after the stock dividend had been distributed.) At the end of 2009, what are the company's retained earnings?

Retained Earnings At the Beginning of 2009, Falcon Corporation Had 2 Million