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Waterway Corporation, a private company, began operations on January 1, 2020. During its first three years of operations, Waterway reported net income and declared
Waterway Corporation, a private company, began operations on January 1, 2020. During its first three years of operations, Waterway reported net income and declared dividends as follows: Net income Dividends declared 2020 $56,000 $0 2021 138,000 50,000 2022 162.000 50,000 The following information is for 2023: Income before income tax $320,000
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