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ove Company's accounting records show an after-closing balance of $20,000 in its Retained Earnings account on December 31 , Year 2. During the Year 2
ove Company's accounting records show an after-closing balance of $20,000 in its Retained Earnings account on December 31 , Year 2. During the Year 2 accounting cycle, Love earned $16,300 of revenue, incurred $9,800 of expense, and paid $2,100 of dividends. Revenues and expenses were recognized evenly throughout the accounting period: Required a. Determine the balance in the Retained Eamings 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-dosing 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
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