The equity of Acti Ltd on 30 June 2021 was: Share capital (issued at $5, fully paid) $ 1 000 000 Asset revaluation surplus 250 000 Retained earnings 300 000 The following transactions occurred during the year ended 30 June 2022. 1. On 1 August 2021, a 1-for-5 rights offer was made to existing shareholders. The issue price was $5 per share payable in full on allotment, and rights were transferable. Shares issued under the offer were to rank equally with existing shares as from 1 August 2021. Share issue costs were $8 000. The issue closed fully subscribed on 31 August, the holders of 25 000 shares having sold their rights. Directors proceeded to allotment. The share issue costs were paid on 7 September 2. On 1 March 2022, 300 000 shares were privately placed with Bluhm Investments Ltd at $5 per share. Required 1. Prepare general journal entries to record the above transactions. 2. Prepare the equity section of the statement of financial position as it would appear at 30 June 2022, assuming a profit for the year of $75 000