Question: For the year ending December 31, 2011, Mount Inc. reports net income $120,000 and dividends $85,000. Prepare the retained earnings statement for the year assuming

For the year ending December 31, 2011, Mount Inc. reports net income $120,000 and dividends $85,000. Prepare the retained earnings statement for the year assuming the balance in retained earnings on January 1, 2011, was $220,000.

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