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The constitution of Lyst Ltd requires approval of final dividends by shareholders at the Annual General Meeting (AGM) before these can be declared or paid.

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The constitution of Lyst Ltd requires approval of final dividends by shareholders at the Annual General Meeting (AGM) before these can be declared or paid. 1. On 27 September 2021, following approval and declaration at the AGM a final dividend of $142 000 was paid. This dividend had been recommended on 29 June 2021 from retained earnings. 2. On 6 January 2022, the directors declared and paid an interim dividend of $98 000 from retained earnings. 3. On 2 July 2022, the directors recommended a final dividend of $180 000 from retained earnings. 4. On 24 September 2022, the final dividend of $180 000 was approved and declared at the AGM. This was paid later on 24 September after the AGM. Required 1. Prepare general journal entries to account for the above events/transactions. 2. What is the total amount of dividends recognised for the year ending 30 June 2022? 3. Would your answers to 1 and 2 change if in relation to transaction 3 above the directors had recommended this dividend on the 28 June 2022 instead of the 2 July 2022

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