Question
. You have been given the following information for Spector Inc.: Retained earnings as at January 1, 20X7, were $50,000. The statement of comprehensive income
. You have been given the following information for Spector Inc.: Retained earnings as at January 1, 20X7, were $50,000. The statement of comprehensive income for the year ended December 31, 20X7, reported comprehensive income of $12,000 comprising net income of $5,000 and other comprehensive income of $7,000. Spector paid out $30,000 in cash dividends during the 20X7 fiscal year. Its dividend payable account increased by $3,000. What is the balance in Spector Inc.'s retained earnings account as at December 31, 20X7?
$22,000 b) $25,000 c) $28,000 d) $29,000
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