J. Clancy owns Clancy Consulting. On December 31 of the prior year, the Retained Earnings account balance
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J. Clancy owns Clancy Consulting. On December 31 of the prior year, the Retained Earnings account balance was $20,000. During the current year, the company paid $11,000 in cash dividends. Clancy Consulting reports net income of $47,000 for the current year. Prepare a statement of retained earnings for Clancy Consulting for the current year ended December 31.
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