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What is the beginning balance of retained earnings

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Question - The ending balance of ABC's equity shows P1,260,000. This is affected by the following transactions:

Net income during the year P65,000

Adjustment to retained earnings for the overstatement of prior year net income - P17,500

Cash dividend declared and paid during the year - 10%

The share capital of P1,000,000 remained unchanged during the year. What is the beginning balance of retained earnings?

Reference no: EM133150885

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