N.3 a o QUESTION CLARKE FRINGLAND CO STATEMENT OF FINANCIAL POSITION AS AT 31/12/20X3 (EXTRACT) $ Share capital (500) 8,000 Share premium 7,000 Retained earnings 10,000 25,000 Clarke Fringland Co decides on a rights issue of 1 for 4 at $1.20. Required What is the double entry to record the issue of shares and what is the adjusted financial position extract after the issue