Bruni corporation began operations on January 1, 2011.During January, Bruni earned revenue of €45,000, incurred expenses of €22,000, and paid dividends of €3,000.Retained earnings at the end the month is

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Retained earnings = Beginning retained earnings + Net income - DividendsBeginning retained earnings = 0Net income = Revenue - Expenses = €45,000 - €22,000 = €23,000Retained earnings = 0 + €23,000 - €3,000 = €20,000

Bruni Corporation Began Operations on January 1, 2011