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From the data given below, calculate the Retained Earnings balance as of December 31, 2019 Retained Earnings, December 31, 2018 $500,000 Cost of equipment purchased

From the data given below, calculate the Retained Earnings balance as of December 31, 2019

Retained Earnings, December 31, 2018 $500,000

Cost of equipment purchased during 2019 200,000

Net Income for the year ended December 31, 2019 45,000

Dividends declared and paid in 2019 70,000

Decrease in Supplies in 2019 25,000

Increase in Equipment in 2019 42,000

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