(L06) Portman Corporation has retained earnings of $675,000 at January 1, 2017. Net income during 2017 was...

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(L06) Portman Corporation has retained earnings of $675,000 at January 1, 2017. Net income during 2017 was

$1,400,000, and cash dividends declared and paid during 2017 totaled $75,000. Prepare a retained earnings statement for the year ended December 31, 2017.

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