Beta Company has an issue 500,000 OMR 1 equity shares with a current market value of RO 3 each. As per Oman Commercial Company Law, the business offers a Rights issue of 2 for 5 shares at an offer price of OMR 2.50 during the year 2019. The offer is only taken by 75% of the shareholders. As a finance manager of the above business, write the journal entry for Rights Issue, show the necessary calculations and prepare the abstract of Balance sheet after such issue. Assume that bank account of OMR 80,000 and Share premium account of OMR 45,000 the business have before the Rights issue.