Grason Corporation is preparing a budgeted balance sheet for 2018. The retained earnings balance at...
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Grason Corporation is preparing a budgeted balance sheet for 2018. The retained earnings balance at December 31, 2017 was $540,500. The 2018 budgeted income statement shows expected net income of $115,500. The company expects to declare dividends during 2018 amounting to $43,500. The expected balance in retained earnings on the 2018 budgeted balance sheet is:
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