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Scott Lockhart owns and operates AAA Delivery Services. On January 1, 20Y7, Common Stock had...

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Accounting

Scott Lockhart owns and operates AAA Delivery Services. On January 1, 20Y7, Common Stock had a balance of $60,000, and Retained Earnings had a balance of $801,500. During the year, no additional common stock was issued, and $10,000 of dividends were paid. For the year ended December 31, 20Y7, AAA Delivery reported a net income of $66,750.

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