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QS 11-21 (Algo) Determining retained earnings balance LO C3 On January 1, Payson Incorporated had a retained earnings balance of $32,000. During the year, Payson

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QS 11-21 (Algo) Determining retained earnings balance LO C3 On January 1, Payson Incorporated had a retained earnings balance of $32,000. During the year, Payson reported net income of $31,200 and paid cash dividends of $18,200. Calculate the retained earnings balance at its December 31 year-end

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