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Following is selected data for Fern Inc. for the year ended June 30,2000: Annual revenues were $72,500. Expenses for the year were $43,300. Fern declared and paid dividends for the year in the amount of $10,700. Total assets at the end of the year amounted to $207,000. At year end, total stockholders' equity was $113,000. Common stock at the end of the year was $3,000. Additional paid-in-capital at the end of the year was $90,000 There was no treasury stock or preferred stock in the year Reguired: 1. Calculate the beginning retained earnings balance