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Question - Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2016. Assume that all balance sheet items reflect account balances at December 31, 2016, and that all income statement items reflect activities that occurred during the year then ended.
Accounts receivable
$32,200
Depreciation expense
10,500
Land
25,000
Cost of goods sold
88,500
Retained earnings
60,000
Cash
10,800
Equipment
69,000
Supplies
5,900
Accounts payable
20,000
Service revenue
26,600
Interest expense
3,800
Common stock
9,000
Income tax expense
13,486
Accumulated depreciation
42,000
Long-term debt
39,000
Supplies expense
13,500
Merchandise inventory
27,100
Sales revenue
If $19,000 of dividends had been declared and paid during the year, what was the January 1, 2016, balance of retained earnings?
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