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A company has 3,000 shares of $2 par value common stock and 1,500 shares of...

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Accounting

A company has 3,000 shares of $2 par value common stock and 1,500 shares of 8%, $150 par, noncumulative preferred stock outstanding. The balance in Retained Earnings at the beginning of the year was $400,000. The net loss for the current year was $30,000. If the company paid a dividend of $1 per share on its common stock, what is the balance in Retained Earnings at the end of the year?

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