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cluelessaccount
Sep 3, 2007, 02:59 PM
Landon Corp. was organized on Jan. 2, 2005 with the investment of $100,000 by each of its 2 stockholders. Net income for its first year of business was $85,200. Net income increased during 2006 to $125,320 and to $145,480 in 2007. Landon paid $20,000 to each of the 2 stockholders in each of the 3 years.
What is the retained earnings for Jan. 1, 2007?:confused: