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Chip Corporation had $645,000 of retained earnings at January 1 , and declared dividends of $25,000. Retained earnings at December 31 were $790,000. What was

Chip Corporation had $645,000 of retained earnings at January 1 , and declared dividends of $25,000. Retained earnings at December 31 were $790,000. What was the profit for the year? $145,000$160,000$170,000$120,000

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