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Business, 19.02.2021 04:20 tatemelliott

On January 1, 2020, Crane Corporation had retained earnings of $542,000. During the year, Crane had the following selected transactions. 1. Declared cash dividends $122,000. 2. Corrected overstatement of 2019 net income because of inventory error $41,000. 3. Earned net income $346,000. 4. Declared stock dividends $61,000. Determine the retained earnings balance at the end of the year.

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On January 1, 2020, Crane Corporation had retained earnings of $542,000. During the year, Crane had...
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