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QS 3-23 (Algo) Analyzing closing entries on retoined earnings LO P6 Ace Company reports revenues of $48,500 and expenses of $34,400. The company paid $8.400

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QS 3-23 (Algo) Analyzing closing entries on retoined earnings LO P6 Ace Company reports revenues of $48,500 and expenses of $34,400. The company paid $8.400 cash in dividends this period. After closing entries are recorded, determine the amount of the increase or decrease in the Retained Earnings account

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