Pelican, Inc.had revenues of $395,000, expenses of $155,000, and dividends of $54,000 during the current year.Based on the given information, which of the following statements is true?
A) Net income for the current year totaled $240,000.
B) Net income for the current year totaled $186,000.
C) Total retained earnings increased by $240,000 during the current year.
D) Total retained earnings decreased by $186,000 during the current year.
Correct Answer:
Verified
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