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Eau Claire Paper Mill, Inc., had at the beginning of the fiscal year, April 1,2013, retained...

Eau Claire Paper Mill, Inc., had at the beginning of the fiscal year, April 1,2013, retained earnings of $323,325. During the year ended March 31,2014,the company produced net income after taxes of $713,445 and paid out 45 percent of its net income as dividends. Construct a statement of retained earnings and compute the year-end balance of retained earnings.
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Statement of retained earnings
Particulars Amount($)
Beginning balance of retained earnings 01st april 2013 323325
Add:Net Income 713445
Less: Dividend paid (45%*713445) 321050
Ending balance of retained earnings march 31st 2014 715720
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