Use the Information Below for Focal Point Corp Assume That There Were No Retained Earnings Transactions Other Than

Use the information below for Focal Point Corp.for 2017 and 2018 to answer the following question:
$$\begin{array} { l r } \text { Retained earnings, December } 31,2017 & \$ 300,000 \\\text { Retained earnings, December } 31,2018 & 345,000 \\\text { Dividends payable, December } 31,2017 & 19,000 \\\text { Dividends payable, December } 31,2018 & 29,000 \\\text { Net income-2018 } & 150,000\end{array}$$ Assume that there were no retained earnings transactions other than those dealing with dividends and net income.How much dividends did Focal Point declare during 2018?

A) $95,000
B) $105,000
C) $140,000
D) $150,000

Correct Answer:

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