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The balance of retained earnings at the beginning of the year was $475,000, and the balance at the end of the year was $550,000. Cash

The balance of retained earnings at the beginning of the year was $475,000, and the balance at the end of the year was $550,000. Cash dividends declared during the year were $35,000. The amount of net income for the year was

a.$80,000.

b.$110,000.

c.$515,000.

d.$75,000.

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