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On 1 June 2015, Solomon plc. recorded share capital of 500,000 £1 shares, which ...
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On 1 June 2015, Solomon plc. recorded share capital of 500,000 £1 shares, which were issued at £1.10 per share. On 30 May 2016, the company made a 1 for 5 bonus issue. The company recorded a retained earnings reserve of £417,000 on 31 May 2016 before accounting for this bonus issue.
What is the balance of the retained earnings reserve on 31 May 2016 after accounting for the bonus issue?
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