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On 12/31/2020, Heaton Industries Inc. reported retained earnings of $650,000 on its balance sheet, and...

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Accounting

On 12/31/2020, Heaton Industries Inc. reported retained earnings of $650,000 on its balance sheet, and it reported that it had $172,500 of net income during the year. On its previous balance sheet, at 12/31/2019, the company had reported $555,000 of retained earnings. No shares were repurchased during 2020. How much in dividends did Heaton pay during 2020?

Select the correct answer.

a. $77,500
b. $77,604
c. $77,552
d. $77,396
e. $77,448

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