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Retained Earnings Reconciliation : Reconcile the retained earnings balance for a company with the following information: beginning retained earnings of $500,000, net income of $120,000,

  1. Retained Earnings Reconciliation: Reconcile the retained earnings balance for a company with the following information: beginning retained earnings of $500,000, net income of $120,000, dividends declared of $30,000, and prior period adjustment of $10,000 (decrease). What is the ending retained earnings balance?

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