Royal Empire Ltd commenced trading many years ago. Equity at 30 June 2018 comprised:

Share capital, 200 000 ordinary shares fully paid at $5 General reserve Retained earnings			$1 000 000 335 000  171 500
			$ 1 506 500

During the financial year ended 30 June 2019, the following transactions with respect to capital and dividends took place:

2018
Aug. 31 Oct.  31	Final dividend of 10c per share for year ended 30 June 2018 was ratified and paid. Issued 100 000 shares, fully paid at $5, in payment for assets with a fair value of $500 000.
2019
Mar. 31 June 30	Interim dividend of 50c for the half-year ended 31 December 2018 paid on all shares. The company made a profit before tax of $580000 for the financial year. Revenue for the year was $1350000 and interest expense was $48000. The directors decided: (a) to provide for income tax expense and current liability at 30% of profit before tax. (b) to transfer $20 000 to general reserve. (c) to recommend a final dividend of $1 per share on all issued shares (d) to revalue plant with a cost of $100 000 and a carrying amount of $70 000 to $85 000.

Required

A. Prepare entries in general journal format to record the above transactions. Ignore closing entries.

B. Prepare the statement of profit or loss and other comprehensive income for the reporting period ended 30 June 2019 to comply with IAS 1/AASB 101.

C. Prepare a statement of changes in equity for the year ended 30 June 2019.