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Messer company had retained earnings at the beginning of

Question - Messer Company had retained earnings at the 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 com-mon stock outstanding.

Prepare a statement of retained earnings for the year.

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Accounting Basics: Messer company had retained earnings at the beginning of

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