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Colonial Furniture's Net Profits Before Taxes for 2019 Totaled $354,000

Question 21

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Colonial Furniture's net profits before taxes for 2019 totaled $354,000.The company's total retained earnings were $338,000 for 2018 year-end and $389,000 for 2019 year-end.Colonial is subject to a 21 percent tax rate.What was the cash dividend declared by Colonial Furniture in 2019?

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