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Atlantic Corporation reported the following amounts at the end of the first year of operations: common stock $100,000; sales revenue $700,000; total assets $500,000; dividends
Atlantic Corporation reported the following amounts at the end of the first year of operations: common stock $100,000; sales revenue $700,000; total assets $500,000; dividends declared $41,000; and total liabilities $325,000. What are Atlantics' retained earnings at the end of the year and what amount of expenses were incurred during the year?
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