GABSA Pty Ltd issued $6000000$ units of ordinary shares at R$4$ per share on $30$ June $2020$ and the annual financial

year ended on $31$ July every year. The retained earnings on $31$ July $2022$ amounted to R$24000000\mathrm{.}0$ On $30$

December $2018,$ a resolution was passed by the compary director in the board metting declaring a capitalisation

issue of two$-$thirds to the existing shareholder while the shares were trading at R$4\mathrm{.}20.$ The closing balance of

retained earnings in the statement of changes in equity of GABSA Pty Lid for the reporting perigd ended $31$ July

$2023$ is

A$.24000000$

$7200000$

c$.8000000$

D$.16000000$