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18. Given that retained earnings on December 31, 2016 was $10 and the following information, determine what retained earnings must have been on January 1,

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18. Given that retained earnings on December 31, 2016 was $10 and the following information, determine what retained earnings must have been on January 1, 2015. Year 2015 2016 Net Income $5 $4 Dividends $3 $3 a) $1 b) $7 c) $3 d) $13

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