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What was the ending balance in Hornbey retained earnings

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Question - On January 1, 2019, two individuals invested $150,000 each to form Hornby Corporation. Hornby had total revenues of $15,000 during 2019 and $40,000 during 2020. Total expenses for the same periods were $8,000 and $22,000, respectively. Cash dividends paid out to shareholders totaled $6,000 in 2019 and $12,000 in 2020. What was the ending balance in Hornbey's retained earnings account at the end of 2019 and 2020?

Reference no: EM133008968

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