A corporation began the year with $550,000 of retained earnings,reported $140,000 net income,declared $45,000 of cash dividends,paid $50,000 in cash dividends,and purchased treasury shares costing $40,000.Calculate the end-of-year balance in retained earnings.

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The Answer of A corporation began the year with $550,000 of retained earnings,reported $140,000 net income,declared $45,000 of cash dividends,paid $50,000 in cash dividends,and purchased treasury shares costing $40,000.Calculate the end-of-year balance in retained earnings.

A Corporation Began the Year with $550,000 of Retained Earnings,reported