The equity of Bunker Ltd at 30 June 20X1 included the following:

70000 2.5% preference shares issued at $1.80, fully paid $126,000

180,000 ordinary 'A' shares issued at $2.00, fully paid $360,000

180,000 ordinary 'B' shares issued at $2.20, fully paid $396,000

Share options issued at 50c, fully paid $10,000

Round the answer to the nearest dollar amount.

NB: The description may be missing from some of the journal entries below.This is intentional.

Required:

Prepare general journal entries to record the following transactions for the year ended 30 June 20X2.

(i) The preference dividend and the ordinary 'A' dividend of 12c per share, both declared on 30 June 20X1, were both paid on 15 July 20X1. No dividend was declared or paid on the ordinary 'B' shares.

(ii) On 20 September 20X1, Bunker Ltd made a public issuance of ordinary 'C' shares. It issued a prospectus inviting applications for 100,000 shares, payable $1.50 on application and $0.50 on call. Bunker Ltd had received applications for 110,000 shares when applications closed on 10thNovember 20X1.

(iii) On 28 November 20X1, the ordinary 'C' shares were issued to all the subscribers on a pro rata basis and excess monies received were used to reduce amounts to be paid on subsequent calls.

(iv) On 15 December 20X1, the remaining $0.50 owing on the ordinary 'C' shares was called.

(v) On the 1 December 20X1, a 1 for 5 renounceable rights offer was made to ordinary 'A' shareholders at an issue price of $1.80 per share. The expiry date on the offer was 30 December 20X1 and the shares were issued on that date.Assume all cash received from shareholders who accepted the offer was received on 30 December 20X1.The issue was underwritten at a commission of $1,500. Holders of 160,000 shares accepted the rights offer, paying the required price per share, with the renounced rights being taken up by the underwriter. Ordinary 'A' shares were duly issued.

(vi) On 1 February 20X2, money owed on the 15 December 20X1 call for ordinary 'C' shares was due. All call money was received except for that due on 9,000 shares. Shares unpaid were forfeited. Forfeited share amounts were retained by the company.Assume all cash received from shareholders who paid the call was received on 1 February 20X2.

(vii) The options were exercisable on 28 April 20X2. Each option entitled the holder to acquire two ordinary 'B' shares at $1.40 per share. As a result of options being exercised, 30,000 ordinary 'B' shares were issued on 28 April 20X2. Unexercised options lapsed.Assume any cash owed as a result of exercise of the options was received on 28 April 20X2.

(viii) On 10 May 20X2, the directors transferred $13,000 from retained earnings to general reserve.