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In preparing the financial statements of Jackson Ltd you are provided with the following information: The opening balance of Retained earnings was $ 1 5

In preparing the financial statements of Jackson Ltd you are provided with the following information: The opening balance of Retained earnings was $

15, 000

; a transfer of $

5 000

was made to a General reserve; Operating profit for the period was $

32 500

; a non

-

current asset was revalued upwards by $

17 000 .

The closing balance of Retained earnings for Jackson Ltd is:

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