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1) Beginning and ending Retained Earnings for Pacific Imports Ltd. were $507900 and $820,000 respectively. Net income for the year was $450,000. Stock dividends were
1) Beginning and ending Retained Earnings for Pacific Imports Ltd. were $507900 and $820,000 respectively. Net income for the year was $450,000. Stock dividends were $60,000.
Required:
How much were Pacific Import Ltd.'s cash dividends for the year?
2. Digital Medical Devices Inc. manufactures wearable heart rate monitors with a four-year warranty. Warranty costs are expected to average 6% of sales during the warranty period. The following table shows the sales and the actual warranty payments during the company's first two years of operations:
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