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Thornton Corporation has a retained earnings balance of $520,000 on January 1 , 2022 . If the corporation has net income of $100,000 and declares

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Thornton Corporation has a retained earnings balance of $520,000 on January 1 , 2022 . If the corporation has net income of $100,000 and declares dividends of $40,000 in 2022 , what will be the retained earnings balance on December 31,2022 ? $580,000 $610,000 $640,000 $650,000

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