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Portman Corporation has retained earnings of $675,000 at January 1, 2020. Net income during 2020 was $1,400,000, and cash dividends declared and paid during 2020

Portman Corporation has retained earnings of $675,000 at January 1, 2020. Net income during 2020 was $1,400,000, and cash dividends declared and paid during 2020 totaled $75,000. Prepare a retained earnings statement for the year ended December 31, 2020.

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