33. When preparing the financial statements of Somersby Ltd, the accountant found the following information: Opening balance of Retained Earnings $15,000; Interim Dividends paid $2,500; Profit earned $20,000; Dividends Declared $5,000. The closing balance of Retained Earnings for Somersby Ltd is: $27,500 $30 000 $7,500 $15 000 34. In the case of a company, issued capital is the: amount directly contributed by the shareholders when they initially subscribed to shares issued by the company. equity reserve created by the setting aside of excess cash. retained profit of the company. balance of dividends issued to shareholders but not yet paid. 35. The board of directors of Westlake Ltd declared a cash dividend of $2.50 per share on 22,000 ordinary shares on 15 July 2016. The dividend is to be paid on 15 August 2016, to shareholders of record on 31 July 2016. The effects of the journal entry to record the declaration of the dividend on 15 July 2016 are to: decrease equity and decrease assets decrease equity and increase liabilities increase equity and decrease assets ncrease equity and increase liabilities 36. The term residual claim refers to a shareholder's right to: acquire additional shares when offered share in assets upon liquidation exercise a proxy vote receive dividends