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What is its year-end balance as of December

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Reference no: EM132924117

Question - The following selected transactions took place during the current year for a company:

Feb 25 - Declared a $2.50 per share cash dividend on 20,000 shares of common stock outstanding.

Mar. 20 - Paid the cash dividends declared on Feb. 25.

Dec 31 - Closed the $72,000 credit balance in Income Summary that reflects net income to Retained Earnings.

Required -

What are the journal entries for these transactions?

If Retained Earnings had a $155,000 credit balance on January 1, What is its year-end balance as of December 31?

Reference no: EM132924117

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