Question: Portman Corporation has retained earnings of $675,000 at January 1, 2010 Net income during 2010 was $1,400,000, and cash dividends declared and paid during 2010

Portman has retained earnings of $675,000 at January 1, 2010 Net income during 2010 was $1,400,000, and cash dividends declared and paid during 2010 totaled $75,000. Prepare a retained earnings statement for the year ended December 31, 2010.

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