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Q1) Retained Earnings Computations During 2006, Edgemont Corporation had revenues of $230,000 and expenses, comprising income taxes, of $190,000. On December 31, 2005, Edgemont had assets of $350,000, liabilities of $80,000, and capital stock of $210,000. Edgemont paid cash dividend of $25,000 in 2006. No extra stock was issued. find out retained earnings on December 31, 2005, and 2006.

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