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On January 1, 2019, Cullumber Company had retained earnings of $495,000. During the year, Cullumber had the following selecte

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Answer #1
Retained Earnings Statement
For the year ended December 31,2019
Retained Earnings, January 1 495000
Add: Net income 340000
835000
Less:
Cash Dividends 110000
Stock Dividends 55000
165000
Retained Earnings, December 31 670000
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