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1. During 2008, Bakery Company paid out $33,525 of common dividends. It ended the year with $197,500 of retained earnings versus the prior year's retained

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1. During 2008, Bakery Company paid out $33,525 of common dividends. It ended the year with $197,500 of retained earnings versus the prior year's retained earnings of $159,600. How much net income did the firm earn during the year?* $ 71,425 $ 75,425 $ 51,425 O $ 231,025 None of the above

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