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On 2010 December 31, Perez Company had assets of USD 150,000, liabilities of USD 97,500, and capital stock of USD 30,000. During 2011, Perez earned

On 2010 December 31, Perez Company had assets of USD 150,000, liabilities of USD 97,500, and capital stock of USD 30,000. During 2011, Perez earned revenues of USD 45,000 and incurred expenses of USD 33,750. Dividends declared and paid amounted to USD 3,000.

a. Compute the companys retained earnings on 2010 December 31.

b. Compute the companys retained earnings on 2011 December 31.

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