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Prepare a statement of the changes in retained earnings

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Reference no: EM132647214

Determine changes in retained earnings.

Gold Ltd had the following equity accounts at 1 July 2017:

Share capital (200 000 shares) $400,000

General reserve 30,000

Retained earnings 20,000

During the year ended 30 June 2018, the following occurred:

1. A pro?t of $40 000 was generated.

2. $8000 was transferred to the general reserve.

3. An interim dividend of 4c per share was declared and paid.

4. A ?nal dividend of 60 per share was declared.

Required

Problem 1: Prepare a statement of the changes in retained earnings.

Reference no: EM132647214

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