The Dayton Corporation began the current year with a retained earnings balance of $16,560. During...
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The Dayton Corporation began the current year with a retained earnings balance of $16,560. During the year, the company corrected an error made in the prior year, which was a failure to record a depreciation expense of $3,611 on equipment. Also, during the current year, the company earned net income of $12,615 and declared cash dividends of $4,964. Compute the year end retained earnings balance.
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