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Johnson Company reported net income of $40,000 for the year ending December 31, 2018. The beginning balance of retained earnings was $300,000 and total dividends

Johnson Company reported net income of $40,000 for the year ending December 31, 2018. The beginning balance of retained earnings was $300,000 and total dividends declared during the year were $200,000. Calculate the ending balance of retained earnings at December 31, 2018?

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