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8 For the year ended December 31 Year 2 Year 1 Revenues $8,500 $10,500 Expenses $5,500 $4,000 Net Income ? ? At December 31 Year

8 For the year ended December 31 Year 2 Year 1 Revenues $8,500 $10,500 Expenses $5,500 $4,000 Net Income ? ? At December 31 Year 2 Year 1 Assets $15,500 $9,000 Liabilities ? ? Stock $300 $300 Retained Earnings ? ? Assume Year 1 is the company's first year of business and there were no dividends in years 1 and 2. After determining the missing amounts ($______) in the above financial statements, calculate and type in the December 31, Year 1 Retained Earnings 1.$_________

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