$
Share Capital	400,000
Retained Earnings	200,000

At 1 July 2017, the identifiable net assets of Max Ltd were recorded at fair value.

Information about income and changes in equity for Max Ltd for the year ended 30 June 2020 is as follows:

	Max Ltd
	$
Revenue	500,000
Expenses	(320,000)
Profit before income tax	180,000
Income tax expense	(40,000)
Profit for the period	140,000
Retained earnings (1/7/19)	280,000
	420,000
Dividend paid	(30,000)
Dividend declared	(40,000)
	(70,000)
Retained earnings (30/6/20)	350,000