Assume the opening balance of equity (01/07/2018) is $1,400,000. During 2018/19, there was a share issue of $540,000, dividends declared of $280,000 and a profit for the year of $710,000. What is the equity balance on the 30/06/2019?

a) $2,650,000

b) $2,370,000

c) $2,930,000

d) Not enough data to calculate the closing balance.