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The opening balance (January 1) of the shareholders' equity account for XYZ Corporation is $510,000, closing balance (December 31 ) is $508,000, and it earned

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The opening balance (January 1) of the shareholders' equity account for XYZ Corporation is $510,000, closing balance (December 31 ) is $508,000, and it earned $48,000 profit during the year. XYZ must have paid $46,000 in dividends, if no new shares were Issued during the year. True or False

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