At 1 July 2019, the balance in the Retained Earnings account of Melbourne Ltd was $3 500 000. The companys share capital at the 1 July 2019 comprises 400 000 6% preference shares issued for $2.00 per share and 1 400 000 ordinary shares fully paid at $1 per share. During the year ended 30 June 2020, the following events occurred: 1. On 1 February 2020, the directors declared and paid an interim ordinary dividend of $124 000 from retained earnings. 2. On 14 March 2020, the directors issued 20 000 ordinary bonus shares fully paid at $1.40 per share from retained earnings. 3. Profit for the year was $3 300 000. 4. On 30 June 2020, the directors declared a final ordinary dividend of $480 000. A dividend was also declared on the preference shares. 5. On 30 June 2020, the directors resolved to transfer $1 200 000 to a general reserve from retained earnings, and to transfer $2 000 000 from a previously created plant maintenance reserve back to retained earnings.

Required:

Prepare the journal entries for Twister Ltd for the years ending 30 June 2019 and 2020.