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4. If a corporation reports a Net Income (profit) on its Income Statement, the Retained Earning account is a. Increased with a credit when closing
4. If a corporation reports a Net Income (profit) on its Income Statement, the Retained Earning account is a. Increased with a credit when closing journal entries are posted 6. Increased with a debit when closing journal entries are posted c. Decreased with a credit when closing journal entries are posted d. Not affected when closing journal entries are posted
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