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What was the amount of dividends paid during the year

    Assignment Instructions

    Assignment ID: FG133130280

    Question – Terps Company provided the following information for the year 2020:

    Retained earnings, beginning balance: $147,000

    Retained earnings, ending balance: $125,000

    Dividends Payable, beginning balance: $84,000

    Dividends Payable, ending balance: $95,000

    If the company reported a net income of $78000 for the year, what was the amount of dividends paid during the year?

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