Problem - For the year ended December 31, 2013, a company responded to the following:
Net income $180,000
Preferred stock dividends declared $30,000
Common stock dividend declared $6,000
Unrealized holding loss (available for sale securities), net of tax $3,000
Retained earnings, beginning balance $240,000
Common stock $120,000
Accumulated OCI, beginning balance $15,000
Note: OIC = Other Comprehensive Income
What should the company report as the ending balance of Retained Earning?