Reference no: EM132979442
AGL LtdAGL Ltd recorded the net profit of $1015,000,000 for the year ended 30 June 2020. AGL Ltd has the investment revaluation reserve of -$5,000,000; employee equity benefits reserve of -$2,000,000; and foreign currency translation reserve of -$29,000,000. During the period, AGL had reported net revaluation reserve of $2,000,000 resulting from revaluation of its land due to increasing land value. The foreign currency translation of AGL Ltd resulted in a net loss of 9,000,000. A new accounting standard has also been introduced, which has increased the retained earnings amounting to $6,000,000. Retained earnings at the beginning of the financial year were $2,448,000,000, and dividends of $719,000,000 were paid during the financial year. Issued share capital at 1 July 2019 was $6,223,000,000. distributed $5,000,000 of share-based incentives to its employees and bought back its own shares from the market for $620,000,000.
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