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On January 2, Year 2, Lake Mining Co.'s board of directors declared a cash dividend of $400,000 to stockholders of record on January 18, Year 2, payable on February 10, Year 2. The dividend is permissible under law in the state where Lake is incorporated. Selected balances from its December 31, Year 1 balance sheet are as follows:
The $400,000 dividend includes a liquidating dividend of:
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