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Nelson Company Had Equity Accounts in 2008 as Follows Projected Income Is $150,000 and 40% of This Amount Will

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Nelson Company had equity accounts in 2008 as follows: Common Stock ($1 Par Value)  $120,000Retained Earnings 32,000Total Shareholder’s Equity $152,000\begin{array}{llcc} \text {Common Stock (\$1 Par Value) } &\$120,000 \\ \text {Retained Earnings } &\underline{32,000}\\ \text {Total Shareholder's Equity } &\$152,000\\\end{array}
Projected income is $150,000 and 40% of this amount will be paid out immediately as dividends.What will the ending retained earnings account be?


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