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7. Sitdown Inc. manufactures Chairs. The firm started 2020 with a retained earnings balance of $160,000. During 2020 the following occurred: Net income for the
7. Sitdown Inc. manufactures Chairs. The firm started 2020 with a retained earnings balance of $160,000. During 2020 the following occurred: Net income for the year $40,000, sales of the firms common stock $22,000, the repurchase of common stock $4,000, common stock dividends $3,000. What is the ending balance in the retained earnings account. ______________________
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