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On January 1, 2020, Wildhorse Corporation had retained earnings of $540,000. During the year, Wildhorse had the following sel

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Retained Earnings = Beginning Balance in the Retained earnings - Overstatement of 2019 Net Income(Error) + Net Income Earned - Cash Dividends - Stock Dividends

= 540000 - 40000 + 345000 - 120000 - 60000

= 665000

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