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QUESTION
On January 1, 2018, Sledge had common stock of $310,000 and retained earnings of $450,000.
On January 1, 2018, Sledge had common stock of $310,000 and retained earnings of $450,000. During that year, Sledge reported sales of $320,000, cost of goods sold of $165,000, and operating expenses of $59,000.
