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Income and Retained Earnings Relationships
Assume that retained earnings increased by $240,000 from December 31, 2005 to December 31, 2006 for Miller Corporation. During the year, a cash dividend of $140,000 was paid.
1. Compute the net income for the year. 2. Assume that the revenues for the year were $920,000. Compute the expense incurred for the year. |
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