Question: Target sells $ 5 5 , 0 0 0 worth of clothes inventory during college week. The inventory was acquired for $ 4 0 ,

Target sells $55,000 worth of clothes inventory during college week. The inventory was acquired for $40,000. customer paid cash or by debit card. Assume income taxes were paid immediately. Target's tax rate is 22%.
What was the total change to retained earnings?
-$3,300
$11,700
$15,000
$55,000

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