On December 31, 2020, the Prescott Corporation had $505,000 as an ending balance for its...
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On December 31, 2020, the Prescott Corporation had $505,000 as an ending balance for its retained earnings account. During 2021, the corporation declared a $3.00/share dividend to its stockholders. The Prescott Corporation has 50,000 shares of common stock outstanding. When the books were closed for 2021 year-end, the corporation had a final retained earnings balance of $575,000. What was the net profit earned by Prescott Corporation during 2021? Please shows formulas used.
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