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At the beginning of the year Retained Earnings had a $44,000 credit balance. During the year, the company had net income of $12,000 and paid

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At the beginning of the year Retained Earnings had a $44,000 credit balance. During the year, the company had net income of $12,000 and paid dividends of $8,000. What is the ending balance of the Retained Earnings account after year-end closing entries have been posted? Multiple Choice $48,000 $64,000 $44,000 O $56,000

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