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Sarahs Theatrical, Inc. sells costumes and props. During May 2023, the companys employees earned $50,000. The related payroll taxes owed to governmental entities will be

Sarahs Theatrical, Inc. sells costumes and props. During May 2023, the companys employees earned $50,000. The related payroll taxes owed to governmental entities will be 9% of employee earnings. Based upon this information, determine the overall effect of payroll transactions on retained earnings for May 2023.

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