Magenta Ltd issued 900,000 shares at $2 each to commence trading on 1 July 2023...
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Magenta Ltd issued 900,000 shares at $2 each to commence trading on 1 July 2023.
During the financial year ending 30 June 2024, the company reported a before-tax profit of $980,000 (after-tax profit $662,000).
They also transferred $270,000 to a General Reserve.
Directors declared a dividend of $0.15 per share to be paid in September 2024.
An extract of the balance sheet of Magenta Ltd at 30 June 2024 based on the information above would be presented as:
Current Liabilities Dividend Payable Tax PayableEquityShare CapitalRetained EarningsGeneral Reserve What amount would be shown for Dividend Payable?Enter only digits, no dollar sign, no comma.Want instant access to all verified answers on learning.monash.edu?
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