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A corporation has a $500,000 beginning balance in Retained Earnings. Its net income for the...

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Accounting

A corporation has a $500,000 beginning balance in Retained Earnings. Its net income for the year was $200,000. Sales revenue amounted to $1,000,000, and dividends declared and paid by year-end amounted to $100,000. What was the ending balance in Retained Earnings?

a. $600,000

b. $1,400,000

c. $700,000

d. $1,200,000

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