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Compute the amount of its retained earnings

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Question - A company started the year with $25,000 in its common stock account and a credit balance in retained earnings of $15,000. During the year, the company earned net income of $10,000 and declared and paid $1,000 of dividends. In addition, the company sold additional common stock amounting to $5,000. As a result, compute the amount of its retained earnings at the end of the year?

Reference no: EM132633649

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