The following CR account balances appeared in the balance sheet of Johns Jacks Ltd as at 30 June 2007: $ Paid-up capital (1 000 000 ordinary shares) 1 000 000 Retained profits 350 000 Asset revaluation reserve 600 000 General Reserve 50 000 The following selected transactions took place during the financial year ended 30 June 2007. 1 July: A 1:4 bonus share dividend, valued at $2.00 per share, is declared (using funds from the asset revaluation reserve account) and the shares are issued immediately. 1 October: Johns Jacks Ltd issues a prospectus offering 200 000 shares at $1.50 per share, all payable at the time of application.

30 November: Applications and money are received for 150 000 shares. It is decided to go ahead with the offer and the shares are issued immediately to the new shareholders.

31 January: The directors declare an interim dividend of 15 cents per share payable to all ordinary shareholders.

28 February: The interim dividend is paid.

30 June: A final dividend of 10 cents per share is declared (to be paid to all ordinary shareholders in September 2007).

After adjusting and closing entries, the credit balance in the profit and loss summary account is $250 000. This amount represents the final profit after taxation

Required Prepare general journal entries to record these events and any further closing entries that are required. Also, calculate the total shareholders equity of Johns Jacks on 30 June 2007.