B. The balance sheet of Fahmy plc. shows the following information in its assets and liability and equity section: Assets Non-current assets Current assets $ 350,000 250,000 600,000 Total Assets 75,000 Liabilities and Equity Total Liabilities Equity: Share capital: ordinary shares of $2 each Reserves: Share premium Reserves: Retained earnings Total Liabilities and Equity 400,000 75,000 50,000 600,000 Fahmy Plc. Needs to raise more cash and decided to make 1 for 4 rights issue, fully paid in cash at a price $6per share. Required: Show by using detailed workings the effect on the balance sheet accounts of the rights issue. (10 Marks)