Essay
The income statement for Hudson Company reported net income of $345,000 for the year ended December 31, 2012 before considering the following:
During the year the company purchased trading securities. At year end, the fair value of the investment portfolio was $23,000 less than cost.
The balance of retained earnings was $823,000 on December 31, 2011. Hudson Company paid $43,000 in cash dividends in 2012. Calculate the balance of retained earnings on December 31, 2012.
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