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Question(s) / Instruction(s):

1. For the year ended December 31, 2012, Transformers Inc. reported the following: Net income $120,000 Preferred dividends declared 20,000 Common dividend declared 4,000 Unrealized holding loss, net of tax 2,000 Retained earnings, beginning balance 160,000 Common stock 80,000 Accumulated Other Comprehensive Income,
Beginning Balance 10,000 What would Transformers report as the ending balance of Retained Earnings? A) $256,000 B) $254,000 C) $266,000 D) $278,000

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