Texban Corporation had a January 1, 1999, balance in its Retained Earnings account of ($ 90,000). For

Question:

Texban Corporation had a January 1, 1999, balance in its Retained Earnings account of $\$ 90,000$. For the year 1999 , net income was $\$ 50,000$ and dividends declared and paid were $\$ 24,000$. Prepare a statement of retained earnings for the year ended December 31,1999.

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