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XYZ Corporation had retained earnings in 2019 of $15 million. In 2020, XYZ's net income was $5 million. The retained earnings balance at the end

XYZ Corporation had retained earnings in 2019 of $15 million. In 2020, XYZ's net income was $5 million. The retained earnings balance at the end of 2020 was equal to $19 million.

Based on the information given, which statement is true?

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