Dave's Mirror Company produces $1,250,000 worth of mirrors this year. They expect to sell $1,000,000 worth of mirrors over the year. The company purchases $300,000 of new equipment during the year. Sales for the year turn out to be $900,000.
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Journalize the entry to transfer net income to retained earnings for Wedgewood Corporation if revenues for the most recent fiscal year were $2,100,000, expenses were $1,380,000, and dividends declared were $200,000.
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