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  3. eau claire paper mill, inc., had, at the beginning

Eau Claire Paper Mill, Inc., had, at the beginning of the fiscal year, April 1,...

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Accounting

Eau Claire Paper Mill, Inc., had, at the beginning of the fiscal year, April 1, 2013, retained earnings of $323,325. During the year ended March 31, 2014, the company produced net income after taxes of $713,445 and paid out 45 percent of its net income as dividends. Construct a statement of retained earnings and compute the year-end balance of retained earnings.

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