From the following data, calculate the Retained Earnings balance as of December 31, 2020: Retained earnings, December

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From the following data, calculate the Retained Earnings balance as of December 31, 2020:

Retained earnings, December 31, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $692,800
Cost of buildings purchased during 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,600
Net income for the year ended December 31, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113,800
Dividends declared and paid in 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..... . . . . . . . . 65,000
Increase in cash balance from January 1, 2020, to December 31, 2020 . . . . . ...... . . . . . . . . . . 46,000
Increase in long-term debt in 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89,200

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Accounting What the Numbers Mean

ISBN: 978-1260565492

12th edition

Authors: David Marshall, Wayne McManus, Daniel Viele

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