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Fox Co. adjusted trial balance included the following accounts, all at their normal account balance but listed in random order, at December 31, 2020:
Fox Co. Adjusted Trial Balance
Cost of goods sold400,000
Trading securities250,000
Loss on early bond call150,000
Sales1,000,000
Unearned revenue200,000
Selling expenses300,000
Dividends50,000
Retained earnings500,000
Gain on building sale100,000
Problem 1: Based on these Adjusted Trial Balance account balances, what amount should Fox record for Retained earnings in its 12/31/20 closing entry?
Group of answer choices
Option 1: 100,000
Option 2: 700,000
Option 3: 400,000
Option 4: 200,000
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