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Nelson Company had equity accounts in 2008 as follows: Common stock ($1 par value) $120,000 Retained Earnings 32,000 Total Shareholder's equity $152,000 Projected income is
Nelson Company had equity accounts in 2008 as follows:
Common stock ($1 par value) $120,000
Retained Earnings 32,000
Total Shareholder's equity $152,000
Projected income is $150,000 and 40% of this amount will be paid out immediately as dividends. What will the ending retained earnings account be?
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