QUESTION 11 50 points Save Answer 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. $ 140 000 Income tax expense Reserves: Plant replacement General 40 000 102 000 The beginning balance of retained earnings was $15 000. Required a. Prepare journal entries relating to the above transactions. b. Prepare the retained Earnings account for Jindabyne Ltd for the year ended 30 June 2022. Complete Part (a) below: IMPORTANT: In the answer you provide, please write your number in the following format: 2560 (Do not write $2 560) - therefore, please don't include the dollar sign ($) or any spaces or commas in your numbers. Date Credit ($) Account names Debit ($) 2022 Date Account names Debit ($) Credit ($) 2022 (Declaring an interim dividend) 2022 (Payment of interim dividend) June 30 2022 (Recording income tax liability) June 30 2022 (Transfer to various reserves) Closing entries: June 30 2022 (Recording profit for the year after tax) June 30 2022 (Transfer profit to retained earnings) Complete Part (b) (the Retained Earnings T-account) below: IMPORTANT: In the answer you provide, please write your number in the following format in the Debit ($) and Credit ($) columns of the T-account: 2560 (Do not write $2 560) - therefore, please don't include the dollar sign ($) or any spaces or commas in your numbers. Retained Earnings Date Particulars (description of Particulars (description of Debit ($) Date Credit ($) transaction that occurred) transaction that occurred) Complete Part (b) (the Retained Earnings T-account) below: IMPORTANT: In the answer you provide, please write your number in the following format in the Debit ($) and Credit ($) columns o the T-account: 2560 (Do not write $2 560) - therefore, please don't include the dollar sign ($) or any spaces or commas in your numbers. Retained Earnings Particulars (description of Date Debit ($) Particulars (description of Date Credit ($) transaction that occurred) transaction that occurred) 2022 Beginning balance of retained July earnings (Balance b/d) 2021 30 30 June June 2022 2022 30 June Balance c/d 2022 Total Debits ($) Total Credits ($) 1 July Balance b/d 2022