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Adventure Corporation reported the following amounts at the end of the first year of operations, December 31, 2014: contributed capital $400,000; sales revenue $600,000; total
Adventure Corporation reported the following amounts at the end of the first year of operations, December 31, 2014: contributed capital $400,000; sales revenue $600,000; total assets $1,200,000; $30,000 dividends; and total liabilities $550,000. Retained earnings and total expenses would be :
a. | retained earnings $40,000 and expenses $340,000. |
b. | retained earnings $160,000 and expenses $420,000. |
c. | retained earnings $190,000 and expenses $280,000. |
d. | retained earnings $250,000 and expenses $320,000. |
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