Reference no: EM132464884
Sanchez Company engaged in the following transactions during Year 1:
Point 1) Started the business by issuing $13,900 of common stock for cash.
Point 2) The company paid cash to purchase $8,300 of inventory.
Point 3) The company sold inventory that cost $5,700 for $11,900 cash.
Point 4) Operating expenses incurred and paid during the year, $5,200.
Sanchez Company engaged in the following transactions during Year 2:
Point 1) The company paid cash to purchase $12,200 of inventory.
Point 2) The company sold inventory that cost $9,900 for $18,500 cash.
Point 3) Operating expenses incurred and paid during the year, $6,200.
Note: Sanchez uses the perpetual inventory system.
Question 1: What The amount of retained earnings at December 31, Year 2 is:
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