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Determine the retained earnings balance at the end of year

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Problem - On January 1, 2022, Pharoah Corporation had retained earnings of $546,000. During the year, Pharoah had the following selected transactions.

1. Declared cash dividends $126,000.

2. Corrected overstatement of 2021 net income because of inventory error $43,000.

3. Earned net income $343,000.

4. Declared stock dividends $63,000.

Required - Determine the retained earnings balance at the end of the year.

Reference no: EM133037391

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