Eau Claire Paper Mill, Inc., had, at the beginning of the current fiscal year, April 1, 2016, retained earnings of $323,325.

QUESTION:

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Eau Claire Paper Mill, Inc., had, at the beginning of the current fiscal year, April 1, 2016, retained earnings of $323,325. During the year ended March 31, 2017, the company produced net income after taxes of $713,445 and paid out 45 percent of its net income as dividends. Construct a statement of retained earnings and compute the year-end balance of retained earnings?

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