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The first year of operations for a company was Year 1. The net income for Year 1 was $20,100 and dividends of $12,050 were paid,

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The first year of operations for a company was Year 1. The net income for Year 1 was $20,100 and dividends of $12,050 were paid, In Year 2, the company reported net income of $34,100 and paid dividends of $5,050. At the end of Year 1, the company had total assets of $151,000. At the end of Year 2 the company had total assets of $ $241,000 What is the amount of retained earnings at the end of Year 2? Multiple Choice $29,050 $131150 537100

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