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Phillip Camera Store had a retained earnings balance of $ 1 5 , 0 0 0 on January 1 , 2 0 XX . For

Phillip Camera Store had a retained earnings balance of $15,000 on January 1,20XX. For the year 20XX, sales were $840,000 and expenses were $330,000. The company declared and paid cash dividends of $22,000 during the year 20XX. What was the ending retained earnings on the balance sheet for Phillip Camera Store at December 31,20XX?

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