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A portion of the combined statement of income and retained earnings of Cullumber Inc. for the current year follows. Income from continuing operations Loss from

A portion of the combined statement of income and retained earnings of Cullumber Inc. for the current year follows. Income from continuing operations Loss from discontinued operations, net of applicable income tax (Note 1) Net income Retained earnings at the beginning of the year Dividends declared: On preferred stock 6.00 per share [[15,080,800

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