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At the end of Year 1, Creek Corp. had a balance of $475,000 in retained earings. In December of Year 1, the company declared

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At the end of Year 1, Creek Corp. had a balance of $475,000 in retained earings. In December of Year 1, the company declared a cash dividend of $94,000 to be paid in January of Year 2. If Creek Corp. had net income of $238,000 for the year, what was the balance in retained earnings at the beginning of Year 1?

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