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Problem 1: The Retained Earnings balance was $23,300 on January 1. Net income for the year was $18,700. If Retained Earnings had a credit balance of $24,600 after closing entries were made for the year, and if additional stock of $5,600 was issued during the year, what was the amount of dividends declared during the year?
Multiple Choice
Option 1: $17,400Option 2: $25,600Option 3: $24,300Option 4: $11,800
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