Exercise 3 - Prepare dividend entries On 1 January 2019, Rake Ltd had equity accounts as follows. Share capital (60 000 shares issued for $30 each) General reserve Retained earnings $1 800 000 250 000 900 000 During the year, the following transactions occurred. Feb. 1 Mar. 1 July 1 Declared a $0.60 cash dividend per share to shareholders, payable on 1 March. Paid the dividend declared in February. Declared a 10% share dividend to shareholders, distributable on 31 July. On 1 July the market price of the shares was $40 per share and this was determined to be the amount at which the dividend shares would be issued. Issued the shares for the share dividend. Declared a cash dividend of $0.50 per share on 15 December, payable on 5 January 2020. July 31 Dec. 1 Required a. Journalise the transactions. b. Enter the beginning balances and post the entries to the equity T accounts. c. Prepare the equity section of Rake Ltd's statement of financial position as at 31 December