Reference no: EM133119050
Question - Warren Enterprises began operations during Year 1. The company had the following events during Year 1:
The business issued $40,000 of common stock to its stockholders.
The business purchased land for $32,000 cash.
Services were provided to customers for $36,000 cash.
Services were provided to customers for $25,000 on account.
The company borrowed $36,000 from the bank.
Operating expenses of $34,800 were incurred and paid in cash.
A dividend of $24,000 was paid to the stockholders of Warren Enterprises.
Required - What amount would be shown on the balance sheet for Retained Earnings as of December 31, Year 1?
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