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the data given below, calculate the retained earnings balance as of December 31, 2009. Retained Earnings, December 31, 2008 $420,000 Cost of equipment purchased during 2009 125,000 Net loss for the year ended December 31, 2009 43,000 Dividends declared and paid in 2009 55,000 Decrease in cash balance from Jan.1, 2009 to Dec. 31, 2009 12,000 Decrease in long-term debt in 2009 67,000 Prepare the retained earnings portion of a statement of change in owner's equity for the year ended Dec. 31, 2009.
Retained earnings portion of a statement of change in owner's equity for the year ended Dec. 31, 2009.
Retained Earnings, December 31, 2008 $420,000
Less: Net Loss for the year ended December 31, 2009 ($43,000)
Less: Dividend declared and paid in 2009 ($55,000)
Retained Earnings, December 31, 2009 $322,000
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