A company has 5,000 shares of $2 par value common stock and 2,500 shares of 7%, $120 par, noncumulative preferred stock outstanding. The balance in Retained Earnings at the beginning of the year was $550,000. The net loss for the current year was $41,250. If the company paid a dividend of $1.50 per share on its common stock, what is the balance in Retained Earnings at the end of the year? $562,750 Please show how you got the answer. Solution 550,000- 41.250- (5000)* 1.50 - (2500*120*.07)= 480,250 A) .