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Question 26 Fernwood Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: Retained earnings

Question 26

Fernwood Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available:

Retained earnings balance at the beginning of the year $ 268,000
Cash dividends declared for the year 58,750
Proceeds from the sale of equipment 100,400
Gain on the sale of equipment 5,550
Cash dividends payable at the beginning of the year 25,850
Cash dividends payable at the end of the year 33,500
Net income for the year 129,250

The ending balance in retained earnings is:

Multiple Choice

  • $344,050.

  • $397,250.

  • $262,550.

  • $348,100.

  • $338,500.

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