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For the year ending December 31, 2020, Bonita Inc. reports net income $135,000 and cash dividends $82,500. Determine the balance in retained earnings at December

For the year ending December 31, 2020, Bonita Inc. reports net income $135,000 and cash dividends $82,500. Determine the balance in retained earnings at December 31, assuming the balance in retained earnings on January 1, 2020, was $217,500.

Balance in retained earnings $

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