The following ending balances are provided as at 30 June 2020 for DEG Ltd: Retained Profits $166,000, Share Capital $990,000 General reserve $50,000 Revaluation reserve $50,000 The company made a net loss of $12,000 for the financial year. The company paid $70,000 to buy back 1,000 shares originally issued at $50 each during the financial year. The company declared and paid cash dividends totalled $10,000 during the financial year. The company issued bonus shares (worth of $40,000) out of revaluation reserve on 21 June 2020. The company transferred $8,000 from revaluation reserves to retained profits on 29 June 2020. (ignore tax implications) In your answers, include numbers only. No text, no commas, no signs or symbols etc

What is the opening balance for retained profits on 1 July 2019? (1 mark)

$ Answer

What is the opening balance of share capital (in dollars) on 1 July 2019? (1 mark)

$ Answer