Grason Corporation is preparing a budgeted balance sheet for 2018. The retained earnings balance at December 31, 2017 was $533,500. The 2018 budgeted income statement shows expected net income of $112,000. The company expects to declare dividends during 2018 amounting to $40,000.
The expected balance in retained earnings on the 2018 budgeted balance sheet is:
A. $533,500
B. $685,500
C. $493,500
D. $605,500
E. $645,500.
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