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Amounts of net income and retained earnings

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A bookkeeper prepared the year-end financial statements of Giftwrap, Inc. The income statement showed net income of $216,000, and the balance sheet showed ending retained earnings of $810,000. The firm's accountant reviewed the bookkeeper's work and determined that adjustments should be made that would increase revenues by $60,000 and increase expenses by $84,000.

Required:

Calculate the amounts of net income and retained earnings after the preceding adjustments are recorded. (Enter any decreases as negatives.)

Reference no: EM133119485

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