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Compute the amount of net income

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Question 1: Energy corporation, a U.S. diversified power management company, reported a balance in Retained Earnings of $2.800 million at the beginning of 2013 and $3.300 million at the end of 2013. Based on Energy Corporation's financial reports for fiscal 2013, it reported dividends declared and paid of $250 million for 2013. Compute the amount of net income for 2013. (Energy Corporation applies U.S. GAAP, and reports its results in millions of U.S. dollars.)

Option A -$250 million

Option B $250 million

Option C $550 million

Option D $750 million

Option E none of the above

Reference no: EM132486143

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