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Eau Claire Paper Mill, Inc., had, at the beginning of the current fiscal year, April 1, 2010, retained earnings of $406,270. During the year ended March 31, 2011, the company produced net income after taxes of $642,763 and paid out 35 percent of its net income as dividends. Construct a statement of retained earnings and compute the year-end balance of retained earnings. (Round answers to 2 decimal places, e.g. 15.25.)

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91736286

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