On 1 January 2016, Jake Ltd had these equity accounts:

Share Capital (50 000 shares issued for $20 each) $1 000 000

General Reserve 200 000

Retained Earnings 600 000

During the year, the following transactions occurred:

Feb. 1 Declared an $0.80 cash dividend per share to shareholders, payable on 1 March.

Mar. 1 Paid the dividend declared in February.

July 1 Declared a 5% share dividend to shareholders, distributable on 31 July. On 1 July, the market price of the shares was $30 per share and this was determined to be the amount at which the dividend shares would be issued.

July 31 Issued the shares for the share dividend.

Dec. 1 Declared a cash dividend of $0.40 per share, payable on 5 January 2017.

Enter the beginning balances and post the entries to the equity and liability T accounts.