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Meridian Technologies paid out $15.6 million in total common dividends and reported $87.3 million of retained earnings at year-end. The prior year's retained earnings were $64.8 million. What was the net income? Assume that all dividends declared were actually paid. Round the answer to the nearest dollar, if necessary.

Meridian Technologies paid out $15.6 million in total common dividends and reported $87.3 million of retained earnings at year-end. The prior year's retained earnings were $64.8 million. What was the net income? Assume that all dividends declared were actually paid. Round the answer to the nearest dollar, if necessary.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Meridian Technologies paid out $15.6 million in total common dividends and reported $87.3 million of retained earnings at year-end. The prior year's retained earnings were $64.8 million. What was the net income? Assume that all dividends declared were actually paid. Round the answer to the nearest dollar, if necessary.
Transcribed Image Text:Meridian Technologies paid out $15.6 million in total common dividends and reported $87.3 million of retained earnings at year-end. The prior year's retained earnings were $64.8 million. What was the net income? Assume that all dividends declared were actually paid. Round the answer to the nearest dollar, if necessary.
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