Question: On January 1 2010 Harrison Corporation started the year with
On January 1, 2010, Harrison Corporation started the year with a $422,000 balance in retained earnings. During 2010, the company earned net income of $130,000 and declared and paid dividends of $20,000. Also, the company received cash of $450,000 from a new issue of common stock. What is the balance in retained earnings on December 31, 2010?
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