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Calculate the end-of-year balance in retained earnings

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Reference no: EM132617156

A corporation began the year with $550,000 of retained earnings, reported $140,000 net income, declared $45,000 of cash dividends, paid $50,000 in cash dividends, and purchased treasury shares costing $40,000.

Problem 1: Calculate the end-of-year balance in retained earnings.

Reference no: EM132617156

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