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Arroyo industries has revenues of $64, 480, interest expense of $1,740, depreciation of $3,960, cost of goods sold of $25,840, dividends paid of $5,200, and
Arroyo industries has revenues of $64, 480, interest expense of $1,740, depreciation of $3,960, cost of goods sold of $25,840, dividends paid of $5,200, and administrative expenses of $7,040. The combined federal and state income tax is 22 percent . What is the addition to retained earnings?
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