Question 5: Equity Topaz Ltd had the following equity accounts at 1 July 2017: Share capital, 300,000 fully paid shares Revaluation surplus Retained eamings $300,000 60,000 150,000 The following transactions occurred during the year ended 30 June 2018: Final dividend for the year ended 30 June 2017 of 5 cents a share was declared. Aug 16 Final cash dividend was paid. Oct 1 Topaz Ltd declared an interim share dividend of 12%. The shares were to be issued at $1 per share Jan 17 Shares were issued as dividends. The assigned value of each share was $1 Feb 15 Released a prospectus inviting applications for 100,000 ordinary shares of $ cach, payable in full on application. Mar 1 Mar 10 Received applications for 100,000 shares. Allotted 100,000 shares to applicants. Mar 15 Profit for the year ended 30 June 2018 was $180,000 (before closing entries) Jun 30 Jun 30 At year-end, the directors declared a final dividend of5 cents per share and transferred $12,000 from retained earnings to general reserve. Required 1. Record all of these share transactions for Topaz Ltd in the general journal. Include closing entries. Narrations not required 2. Prepare the equity section of Topaz Ltd's Statement of financial position as at 30 June 2018