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Kamili Company had the following accounting balances for Year 1: Account Amount Net Income $25,000 Retained Earnings (beginning of the year) 40,000 Dividends 10,000 Unrealized
Kamili Company had the following accounting balances for Year 1:
Account | Amount |
Net Income | $25,000 |
Retained Earnings (beginning of the year) | 40,000 |
Dividends | 10,000 |
Unrealized Gain on Available-for-Sale Securities | 18,000 |
Foreign Currency Translation Adjustment (increase) | 4,000 |
Prior-period adjustment--correction of previously OVERstated employee training expense | 20,000 |
The beginning retained earnings amount does NOT reflect any necessary adjustments. The correct ENDING retained earnings balance is which of the following figures?
$75,000 | |
$35,000 | |
$93,000 | |
$97,000 | |
$57,000 | |
$55,000 |
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