ABC Ltd's equity at 30 June 2019 was as follows:

200 000 ordinary shares, issued at $3.20, fully paid $640 000 250 000 ordinary shares, issued at $4, called to $2.40 600 000 180 000 redeemable preference shares, issued at $1, fully paid 180 000 Calls in advance (5 000 ordinary shares) 8 000 Share issue costs (7 000) General reserve 60 000 Retained earnings 310 0002018 July 15 The final call, due 31 August, was made on the partly paid shares. Aug. 31 All call money was received, except for that due on 12 000 shares. Sept. 10 In accordance with the constitution, the shares on which the call was unpaid were forfeited. The company is entitled to keep any balance from forfeiture of shares. Oct. 1 The company offered ordinary shareholders 1 option (at a price of 80 cents per option) for every 5 shares held. Each option entitled the holder to buy 1 ordinary share at a price of $1.50 per share, exercisable on or before 15 April 2017. 31 35 000 options were taken up by shareholders, for which all money due was received. 2019 Jan. 3 A prospectus was issued, inviting applications for 100 000 ordinary shares at an issue price of $2, payable in full on application. The purpose of the issue was to fund the redemption of the preference shares. The issue was underwritten at a commission of $6 700. 31 The issue closed fully subscribed, with all money due having been received. Feb. 5 The 100 000 shares were allotted, and the underwriting commission was paid. 18 The directors resolved to redeem the preference shares out of the proceeds of the January share issue for $1.06 per share. 26 Cheques were issued to the preference shareholders. April 15 26 000 shares were issued as a result of 26 000 options having been exercised, for which money had been received. The unexercised options lapsed