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Love Company's accounting records show an after closing balance of $20,800 in its Retained Earnings account on December 31 Year 2. During the Year 2
Love Company's accounting records show an after closing balance of $20,800 in its Retained Earnings account on December 31 Year 2. During the Year 2 accounting cycle, Love earned $17.900 of revenue, incurred $10.600 of expense, and paid $2.900 of dividends Revenues and expenses were recognized evenly throughout the accounting period Required a. Determine the balance in the Retained Earnings account as of January 1 Year 3 b. Determine the balance in the temporary accounts as of January 1 Year 2 c. Determine the after closing balance in the Retained Earnings account as of December 31, Year 1 d. Determine the balance in the Retained Earnings account as of June 30, Year 2 Balance in the retained earnings January 1 Year 3 Balance in the temporary accounts January 1 Year 2 Closing retained earnings. December 31. Yeni Balance in the retained earnings June 30 Year 2 1
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