29. Retained earnings balance of ABC Corp. at the beginning of the year is P5,000,000. During the year, ABD earned revenues of P10,000,000 and incurred operating expenses of P6,500,000. Also during the year, a dividends of P1,000,000 were declared and paid, leaving the cash balance of P800,000 for the following years’ operations. What is the year-end balance in the retained earnings after payment of dividends?
Extracted text: 29. Retained earnings balance of ABC Corp. at the beginning of the year is P5,000,000. During the year, ABD earned revenues of P10,000,000 and incurred operating expenses of P6,500,000. Also during the year, a dividends of P1,000,000 were declared and paid, leaving the cash balance of P800,000 for the following years' operations. What is the year-end balance in the retained earnings after payment of dividends? а. Р5,000,000 O b. P7,500,000 О с. Р800,000 O d. P6,700,000