A corporation has a $500,000 beginning balance in Retained Earnings. Its net income for the...
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Accounting
A corporation has a $500,000 beginning balance in Retained Earnings. Its net income for the year was $200,000. Sales revenue amounted to $1,000,000, and dividends declared and paid by year-end amounted to $100,000. What was the ending balance in Retained Earnings?
a. $600,000
b. $1,400,000
c. $700,000
d. $1,200,000
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