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Q2. The income statement for Universal Corporation reported net income of $68,400 for the year ended December 31 before considering the following: During the year,
Q2. The income statement for Universal Corporation reported net income of $68,400 for the year ended December 31 before considering the following: During the year, the company purchased available-for-sale securities. At year-end, the fair value of the investment portfolio was $8,100 more than cost. The balance of Retained Earnings was $43,000 on January 1. Dobson Corporation paid $11,000 in cash dividends during the year. Calculate the balance of Retained Earnings on December 31.
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