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For the year ending December 31, 2020, Vaughn Inc. reports net income $139,000 and cash...

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Accounting

For the year ending December 31, 2020, Vaughn Inc. reports net income $139,000 and cash dividends $84,500. Determine the balance in retained earnings at December 31, assuming the balance in retained earnings on January 1, 2020, was $219,500.

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