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QUESTION 21 For the year ended December 31, Year 2 For the year ended December 31, Year 1 Revenues $2,500 $1,000 1,500 Expenses Net Income

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QUESTION 21 For the year ended December 31, Year 2 For the year ended December 31, Year 1 Revenues $2,500 $1,000 1,500 Expenses Net Income December 31, Year 2 December 31, Year 1 Assets $ 15,000 $ 10,000 Liabilities 8,500 Stock 1.000 1,000 Retained Earnings $ 500 Assume Year 1 is the company's first year of business and there were $100 dividends in Year 1 and Your 2. After determining the missing amounts ($ in the above financial statements, calculate and type in the December 31, Year 2 Retained Earnings

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