The equity account of this company is
Common Shares ($1.00 par value) 10,000,000
Additional Paid In Capital 50,000,000
Retained Earnings 125,000,000
Treasury Shares at Cost 1,000,000
Net Common Equity 186,000,000
This company has had a very successful year and earnings are $21,000,000. The company has 12,000,000 shares outstanding and will pay a dividend of $1.00/share.
Calculate:
1) What are the retained earnings for the year
2) What is the new value of retained earnings account?