Question text K&S Ltd is a company. At the beginning of the period 1 July 2023 it had Share Capital $2,000,000 (1,000,000 ordinary shares $2 each), General Reserve of $20,000 andRetained Earnings of $50,000 For the period ended 30 June 2024 the company income was $3,000,000 and expenses before tax of $1,000,000 The company is subject to Company Tax at a rate of 30¢ per dollar and net profit before tax and taxable income were the same. In the next financial year, the company paid the tax owed. The directors have decided (before year end) to propose a dividend of 10 cents for each share, payable on 10 August 2024 and to transfer $50,000 to General Reserve Required Reports Balance Sheet Extract as at 30 June 2024 (liabilities and Equity) Do not include "$" or "," in your amounts Whole amounts no decimals are required The entries must be entered in the order they appear in the question [table] K&S Ltd Balance Sheet Extract as at June 30, 2023 and 2024 Current Liabilities | | | $ 2024 Answer 1 Question 3 Income Tax expenseTax payableBankRetained EarningsInterim DividendFinal Dividend PayableGeneral ReserveIncomeExpensesProfit before TaxNet Profit after TaxRetained Earnings at the beginningProfit available for appropriationFinal Dividend declaredTransfer to General ReserveRetained Earnings at endShare CapitalReserves | | | Answer 2 Question 3 Answer 3 Question 3 Income Tax expenseTax payableBankRetained EarningsInterim DividendFinal Dividend PayableGeneral ReserveIncomeExpensesProfit before TaxNet Profit after TaxRetained Earnings at the beginningProfit available for appropriationFinal Dividend declaredTransfer to General ReserveRetained Earnings at endShare CapitalReserves | | | Answer 4 Question 3 Equities | | | Answer 5 Question 3 Income Tax expenseTax payableBankRetained EarningsInterim DividendFinal Dividend PayableGeneral ReserveIncomeExpensesProfit before TaxNet Profit after TaxRetained Earnings at the beginningProfit available for appropriationFinal Dividend declaredTransfer to General ReserveRetained Earnings at endShare CapitalReserves | | | Answer 6 Question 3 Answer 7 Question 3 Income Tax expenseTax payableBankRetained EarningsInterim DividendFinal Dividend PayableGeneral ReserveIncomeExpensesProfit before TaxNet Profit after TaxRetained Earnings at the beginningProfit available for appropriationFinal Dividend declaredTransfer to General ReserveRetained Earnings at endShare CapitalReserves | | | Answer 8 Question 3 Answer 9 Question 3 Income Tax expenseTax payableBankRetained EarningsInterim DividendFinal Dividend PayableGeneral ReserveIncomeExpensesProfit before TaxNet Profit after TaxRetained Earnings at the beginningProfit available for appropriationFinal Dividend declaredTransfer to General ReserveRetained Earnings at endShare CapitalReserves | | | Answer 10 Question 3 | | | [/table]Multiple fill-in-the-blank