For the year ended December 31, 2017, Grayfair Inc. reported profit of $175,000. During the year, the

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For the year ended December 31, 2017, Grayfair Inc. reported profit of $175,000. During the year, the company declared a total of $120,000 cash dividends and paid $85,000 of these dividends. Prepare a statement of retained earnings for the year, assuming the balance in Retained Earnings on December 31, 2016, was $248,000.
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Accounting Principles

ISBN: 978-1119048473

7th Canadian Edition Volume 2

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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