Homework Answers
Answer: $ 93,400
Explanation
Difference in retained earnings = Year 2 balance - Year 1 balance
= $ 704,000 - 596,400
= $ 107,600
Cash paid for dividends during Year 2 = Year 2 net income - Difference in retained earnings
= $ 201,000 - $ 107,600
= $ 93,400
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