Question: ****************Please do not copy the answer from Chegg answers similar to this question, they are not the same numbers********************** Johnson and Company had a balance

****************Please do not copy the answer from Chegg answers similar to this question, they are not the same numbers**********************

Johnson and Company had a balance in their retained earnings account at the end of 2020 in the amount of 1,200,000. They have forecasted net income in 2021 in the amount of 300,000. They pay an estimated 40% of their net income in dividends. What will be the addition to retained earnings at the end of 2021? What will be the ending balance in retained earnings at the end of 2021?

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