At the beginning of 2013, Flaherty Company had retained earnings of $250,000.
During the year Flaherty reported net income of $100,000, sold treasury stock at a "gain" of $36,000, declared a cash dividend of $60,000, and declared and issued a small stock dividend of 3,000 shares ($10 par value) when the fair value of the stock was $20 per share.
The amount of retained earnings available for dividends at the end of 2013 was:
a. $230,000. b. $260,000. c. $266,000. d. $296,000.
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