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A firm reports net income of $500,000 for 2011. The most recent balance sheet for the reports retained earnings of $2,000,000. The firm will pay

A firm reports net income of $500,000 for 2011. The most recent balance sheet for the reports retained earnings of $2,000,000. The firm will pay out 25% of net income as dividends. What will the new balance be for retained earnings

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