Homework Answers
Net income = Service Revenue - Total expenses
= 496,000-217,000
= 279,000
| Retained earnings, January 1 | 161,200 |
| Add : Net income | 279,000 |
| 440,200 | |
| Less : Dividends | 80,600 |
| Retained earnings, December 31 | 359,600 |
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