Galbris's retained earnings move from 2,650,000 to 2,910,000; profit for the year is 740,000 and only dividends reduced reserves. Dividends payable move from 95,000 to 40,000. Compute dividends declared and paid.
- Opening retained earnings
- 2,650,000
- Closing retained earnings
- 2,910,000
- Profit for the year
- 740,000
- Opening dividends payable
- 95,000
- Closing dividends payable
- 40,000