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A company's balance of retained earnings on January 1 was $45 million. During the year,...

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Accounting

A company's balance of retained earnings on January 1 was $45 million. During the year, sales revenue was $100 million, while expenses totaled $55 million. The company declared and paid $11 million in cash dividends during the year. What was the balance of retained earnings at the end of the year?

answer is $79 million

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