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As of December 31, Year 2, Moss Company had total cash of $195,000, notes payable of $90,500, and common stock of $84,500. During Year 3, Moss earned $42,000 of cash revenue, paid $24,000 for cash expenses, and paid a $3,000 cash dividend to the stockholders. Determine the amount of retained earnings as of December 31, Year 2.
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As of December 31, Year 2, Moss Company had total cash of $195,000, notes payable of $90,500, and co...
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