Dividends, reserves, retained earnings During the year ended 30 June 2022, the directors of Jindabyne Ltd declared and paid an interim dividend of $18,000 out of retained earnings. At the end of the year the financial statements showed a profit (before tax) of $460,000 out of which the directors made the following reserve transfers and tax liability. Income tax expense $140,000 Reserves Plant replacement General $40,000 $102,000 The beginning balance of retained earnings was $15,000. Required Prepare journal entries relating to the above transactions. Prepare the Retained Earnings account for Jindabyne Ltd for the year ended 30 June 2022