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Question(s) / Instruction(s):

A corporation has $250,000 in retained earnings. The board of directors appropriates $50,000 for the purchase of a new building. Which of the following would be included in the entry to record this appropriation?  

a)            Appropriated retained earnings would be debited for $20,000.  

b)            Retained earnings would be debited for $ 50,000.  

c)            Cash would be credited for $20,000.  

d)            No formal entry would be made.  

 

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