At the start of the financial year ending December 31, 2022, Rexx Ltd had in issue 306 million shares with a par value of $0.75 each. It also had the following balances: Long term debt- $221 million Retained earnings- $128 million o Share premium - $26 million Property, plant and equipment - $378 million Inventory- $188 million Trade and other receivables- $22 million Bank-$16.5 million During the year, the company made a two for nine bonus issue, which was followed shortly after by a one for five rights issue at a price of $1.15 each. At the end of the financial year, the entity declared dividends of nine cents per share, which will be paid three months after the year end. REQUIRED: Prepare the relevant journal entries for the bonus and rights issues as well as the declaration of dividends, showing all relevant workings. Draft the statement of financial position as at December 31, 2022, reflecting the impact of the adjustments above. At the start of the financial year ending December 31, 2022, Rexx Ltd had in issue 306 million shares with a par value of $0.75 each. It also had the following balances: Long term debt- $221 million Retained earnings- $128 million o Share premium - $26 million Property, plant and equipment - $378 million Inventory- $188 million Trade and other receivables- $22 million Bank-$16.5 million During the year, the company made a two for nine bonus issue, which was followed shortly after by a one for five rights issue at a price of $1.15 each. At the end of the financial year, the entity declared dividends of nine cents per share, which will be paid three months after the year end. REQUIRED: Prepare the relevant journal entries for the bonus and rights issues as well as the declaration of dividends, showing all relevant workings. Draft the statement of financial position as at December 31, 2022, reflecting the impact of the adjustments above.