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Question
Grason Corporation is preparing a budgeted balance sheet for 2015. The retained earnings balance at December 31, 2014 was $533,500. The 2015 budgeted income statement shows expected net income of $112,000. The company expects to declare dividends during 2015 amounting to $40,000. The expected balance in retained earnings on the 2015 budgeted balance sheet is:A.$533,500.
B.$605,500.
C.$645,500
D.$493,500.
E.$685,500.
Answer
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