Word problem:  During its first year of operations, Mario Lupo formed Lupo Company as a corporation and personally invested $15,000 in the business in exchange for common stock. Lupo Company also paid dividends of $2,000. The company earned $35,000 of revenues and incurred $23,000 of expenses. At the end of the year, the company's equity totaled  how much?

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A:

Q: Question pinned below

A: Calculate the ending balance of retained earnings:

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A: 1. Calculate ending retained earnings: