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Diamond Dresses began the year with a balance of $485,000 in Retained Earnings. During the...

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Accounting

Diamond Dresses began the year with a balance of $485,000 in Retained Earnings. During the year, the company had net income of $111,000 and declared no dividends. (a) Calculate the ending balance of Retained Earnings. (b) Now assume the company declared dividends of $20,000. Calculate the ending balance of Retained Earnings

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