Question: Magtelkom a Hungarian telecommunications company reported the following balance sheet

Magtelkom, a Hungarian telecommunications company, reported the following balance sheet information for Year 11 and Year 12.Magtelkom applies IFRS and reports in millions of Hungarian forints (HUF).
Balance Sheet Data
Year 11 and Year 12

During Year 12, Magtelkom declared and paid dividends of HUF72,729 million and made other adjustments, which increased retained earnings by HUF307 million.
a. Compute Magtelkom’s balance in Retained Earnings for Year 11.
b. Compute Magtelkom’s net income for Year12.

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