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Determine the retained earnings balance at the end of year

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Question - On January 1, 2020, Carla Vista Corporation had retained earnings of $538,000. During the year, Carla Vista had the following selected transactions.

1. Declared cash dividends $118,000.

2. Corrected overstatement of 2019 net income because of inventory error $39,000.

3. Earned net income $344,000.

4. Declared stock dividends $59,000.

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

Reference no: EM133099711

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