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Hobart Ltd's Balance Sheet as at 1 July 2021 showed the following information: The following took place during the year ending 30 June 2022 for
Hobart Ltd's Balance Sheet as at 1 July 2021 showed the following information: The following took place during the year ending 30 June 2022 for Hobart Ltd: (a) Hobart paid suppliers $25,000 that was owing from last period. (b) Shares of $60,000 were issued for cash taking the total number of shares issued to 85,000 shares. (c) Performed a 2:1 share split. (d) $10,000 was transferred to Retained Profits from the General Reserve. (e) Profit for the period was $82,000. (f) Dividends declared during the period were $65,000. (g) Land was revalued upwards by $50,000. This was the first time the land was revalued. Assume there were no transactions during the period other than those mentioned above. Required: As at 30 June 2022 calculate (including simple workings) the: (i) closing balance of Share capital [2 marks] (ii) closing balance of Revaluation Surplus [2 marks] (iii) closing balance of Retained Profits [2 marks]
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