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Missing closing entry

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Adjusting Entries: Retained earnings at 1/1/10 was $150,000 and at 12/31/10 it was $200,000. During 2010 cash dividends of $60,000 were paid and a stock dividend of $40,000 was issued. Both dividends were properly charged to retained earnings. You are to provide the missing closing entry. For each journal entry write Dr for debit and Cr for credit.

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Solution Summary

The solution explains the missing closing entry in relation to retained earnings

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The missing journal entry would relate to net income.
Ending retained earnings = ...

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