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Messer Company had retained earnings at teh beginning of the current year of $590,000. During the year, the following activities occurred:

* Net income of $88,000 was earned
* A cash dividend of $1.20 per share was declared and distributed on the 50,000 shares of common stock outstanding

Prepare a statement of retained earnings for the year.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M951526

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