B. At 1st July, 2019 Grafton Ltd has Shareholders Funds worth $3,000,000 comprising of share capital of $2,500,000 and Retained Earnings of $500,000. On 1st July, 2019 Grafton Ltd proceeded to raise more capital invited applications for 200,000 shares payable $4 on application, $2 on allotment and $2 on a call to be 3 months after allotment. By 31st July application money had been received for 240,000 shares. On 3rd August, the directors allotted 200,000 shares to applicants on the basis of 5 shares for every 6 applied for. The surplus application money was offset against the amount payable on allotment. The balance of allotment money was received by 12 August. On 15th November the directors made the final call of $2 on the shares. All money was received by 30th November except for one shareholder who held 10,000 shares. By 31st December the company recorded a profit of $210000. The directors decided to provide for a final dividend payable of $22000. A transfer of $90000 was made to General Reserve account. Required: 1. Prepare journal entries to record the above transactions in the general journal.(Narrations not required) 15 Marks 2. Draw up an extract from the Shareholders' Funds section of the Balance at 31st December, 2019. 4 Marks