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Prepare a retained earnings statement for the fiscal year

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Reference no: EM131592157

Question - Firefly, Inc. reported the following results for the year ending July 31:

Retained earnings, August 1 $875,000

Net income 450,000

Cash dividends declared 140,000

Stock dividends declared 60,000

Prepare a retained earnings statement for the fiscal year ended July 31.

Reference no: EM131592157

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