The Home Store reported the following figures Retained Eanin

The Home Store reported the following figures: Retained Eanings, February 1, 2017.$16 million Retained Eanings, February 1, 2016$21 million The company\'s fiscal year ends on February 1 each year. Net income for the fiscal year ending February 1, 2017 is $24 million. What is the amount of dividends declared for the fiscal year ending February 1, 2017? O A. $3 million. O B. $24 million. O C. $29 milion O D. $21 million.

Solution

C. $29 million

Dividends = Beginning retained earnings + Net income - Ending retained earnings

Dividends = $21 million + $24 million - $16 million = $29 million