Lloyd Company ends the ﬁrst year of operations with $2.2 million in retained earnings when no dividends were paid out. Since the company began operations on January 1st, 20X2 of the current year ending December 31st, 20X2 calculate the amount of beginning retained earnings and explain your answer.

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The Answer of Lloyd Company ends the ﬁrst year of operations with $2.2 million in retained earnings when no dividends were paid out. Since the company began operations on January 1st, 20X2 of the current year ending December 31st, 20X2 calculate the amount of beginning retained earnings and explain your answer.

Lloyd Company Ends the ﬁRst Year of Operations with $2