Statement of Stockholders\' Equity In its most recent financial statements, Newh

Question

Statement of Stockholders' Equity

In its most recent financial statements, Newhouse Inc. reported $70 million of net income and $840 million of retained earnings. The previous retained earnings were $798 million. How much in dividends were paid to shareholders during the year? Assume that all dividends declared were actually paid. Write out your answer completely. For example, 25 million should be entered as 25,000,000. Round your answer to the nearest dollar, if necessary.

Answer: $_____________

Please show calculation. THanks!

Explanation / Answer

Answer: $28,000,000

Net Income $70million

Add: prior year's retained earnings $798 million

Less: retained earnings at year-end $840 million

Total common dividends paid$28 million

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