Question
Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: The business acquired $10,000 cash by issuing common stock to investors. The
Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: The business acquired $10,000 cash by issuing common stock to investors. The business purchased land for $6,000 cash. Services were provided to customers for $8,000 cash. Services were provided to customers for $3,000 on account. Operating expenses of $5,000 were incurred and paid in cash. Operating expenses of $2,000 were incurred on account. A dividend of $1,000 was paid to the owners of Nikonowicz Enterprises. Based on this information, the amount of retained earnings as of December 31, 2012, was
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