Capboy Company earned 5 000 of revenues and incurred 2 950 worth
Capboy Company earned $5,000 of revenues and incurred $2,950 worth of expenses during the period. Capboy also declared and paid dividends of $500 to its shareholders. What was net income for the period? Assuming this is the first year of operations for Capboy, what is the ending balance in retained earnings for the period?

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