The following ending balances are provided as at 30 June 2020 for QWE Ltd:

• Retained Profits $60,000
• Share Capital $520,000
• General reserve $40,000
• Revaluation reserve $50,000

The company made $15,000 net profit after tax in this financial period. The company paid $50,000 to buy back 2,000 shares originally issued at $20 each during the financial year. The company declared and paid cash dividends totalled $30,000 during the financial year. The company transferred $15,000 from retained profits to general reserve on 20 May 2020. The company issued bonus shares (worth of $60,000) out of revaluation reserve on 21 June 2020. (ignore tax implications)

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

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