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On January 1, 2020, Guided Light Corporation's Retained Earnings account had a balance of $275,000. During 2020, cash dividends of $50,000 were declared and stock
On January 1, 2020, Guided Light Corporation's Retained Earnings account had a balance of $275,000. During 2020, cash dividends of $50,000 were declared and stock dividends with a market value of $40,000 were declared. Net income for 2020 amounted to $120,000. What is the balance in Retained Earnings appearing on the statement of shareholders' equity on December 31, 2020?
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
9th Canadian Edition, Volume 2
470964731, 978-0470964736, 978-0470161012
