Homework Answers
Answer:
$10,000 credit
EXPLANATION:
Income Statement
For the year ended December 31, 2020
| Revenues | $100,000 |
| Less: Expenses | (60,000) |
| Net income | 40,000 |
Statement of Retained Earning
For the year ended December 31, 2020
| Net income | $40,000 |
| Less : Dividend paid | (30,000) |
| Retained Earning | $10,000 |
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