CRITICAL THINKING ASSIGNMENT A corporation is a legal business structure involving one or more individuals (owners) who are legally distinct (separate) from the business that is created under state laws. The owners of a corporation are called stockholders (or shareholders) and may or may not be employees of the corporation. Assuming that a business has been established successfully and operating for the past 5 years in Oman. The president, who is one of the shareholders, has created an innovative new product that is testing well with substantial demand. To begin manufacturing, OMR 1 Million additional capital is needed to acquire the equipment and expand the business. Assuming that the company came up with IPO by issuing 1 million shares at 20% premium. (Par value of shares OMR I each). The public subscribed all the shares and received all the money. Later the market value of share was OMR 2.500 per share. The company decided to offers a rights issue of 3 for 6 shares at an offer price of OMR 1.500.90% of the offer was taken by the shareholders. After issuing a right shares, the company also decided to make a bonus issue in the ratio of 2 for 4 shares held. Non current assets OMR Equity and Liabilities OMR Property Plant and Equipment 5 Million Equity Share capital 4 million Investments in an associate 1 million Share Premium 2 million Current Assets General reserve 1 million Cash 300,000 Capital reserve 500,000 Bank Muscat 3,000,000 Retained earnings 500,000 Inventories 500,000 Non-Current liability NIL Accounts receivable 200,000 Current Liability (total) 2,000,000 Required: 1. Give the he Journal entry for New issue, right issue and bonus issue. 2. Prepare a statement of financial position after the above changes