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Indy Corp has 50,000 shares of $5 par value common stock outstanding that were issued at $15 per share. It also has retained earnings of

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Indy Corp has 50,000 shares of $5 par value common stock outstanding that were issued at $15 per share. It also has retained earnings of $160,000. Net income is $74,000. The company's books have not been closed. If the company pays a $2 cash dividend, what will the balance of retained earnings be

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