Clifton Corporation prepares financial statements in accordance with ASPE. At January 1, 2020, the company...
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Clifton Corporation prepares financial statements in accordance with ASPE. At January 1, 2020, the company had retained earnings of $1,083,000. In 2020, net loss was $353,000, and cash dividends of $80,000 were declared and paid. There were 50,000 common shares outstanding duing 2020 and no share transactions took place. The company has a December 31 year end. Required: Prepare a 2020 statement of retained earnings for Clifton Corporation
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