Statement of Retained Earnings TriCycle, Corp. began the year 2008 with $27 million in retained...
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Statement of Retained Earnings TriCycle, Corp. began the year 2008 with $27 million in retained earnings. The firm earned net income of $8.2 million in 2008 and paid $1.12 million to its preferred stockholders and $3.12 million to its common stockholders. What is the year-end 2008 balance in retained earnings for TriCycle?
A). $39.44 million
B). $35.2 million
C). $27 million
D). $30.96 million
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