Prepare a statement of retained earnings for the year

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Reference no: EM13125982

Messer Company had retained earnings at the beginning of the current year of $590,000. During the year, the following activities occurred:

- Net income of $88,000 was earned.

- A cash dividend of $1.20 per share was declared and distributed on the 50,000 shares of common stock outstanding.

Prepare a statement of retained earnings for the year.

Reference no: EM13125982

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