Magenta Ltd issued 450,000 shares at $4 each to commence trading on 1 July 202...
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Magenta Ltd issued 450,000 shares at $4 each to commence trading on 1 July 2024.
During the financial year ending 30 June 2025, the company reported a before-tax profit of $1,080,000 (after-tax profit $762,000).
They also transferred $370,000 to a General Reserve.
Directors declared a dividend of $0.30 per share to be paid in September 2025.
An extract of the balance sheet of Magenta Ltd at 30 June 2025 based on the information above would be presented as:
Current Liabilities Dividend Payable Tax PayableEquityShare CapitalRetained EarningsGeneral ReserveWhat amount would be shown for General Reserve?Enter only digits, no dollar sign, no comma.
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