Question 5 4 pts Massive Vengeance Corporation reports a Retained Earnings balance of $550,000 on January 1, Year 6. Dur

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Question 5 4 Pts Massive Vengeance Corporation Reports A Retained Earnings Balance Of 550 000 On January 1 Year 6 Dur 1 (26.67 KiB) Viewed 69 times

Question 5 4 pts Massive Vengeance Corporation reports a Retained Earnings balance of $550,000 on January 1, Year 6. During the year, the company reported before tax income of $200,000 and declared and paid $120,000 of cash dividends. The company also issued common stock in exchange for $50,000 cash. Massive Vengeance pays tax at a rate of 30%. Retained Earnings on December 31. Year 6 is: O $570,000 $606,000 $641,000 $680,000