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Prepare a journal entry to reflect the bonus issue

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Reference no: EM133131073

Question - ABC Limited currently has ordinary share capital of $100 million comprising 50 million class A ordinary shares. At the most recent board meeting held on July 31, 2020, the directors voted unanimously in favour of a one for five bonus issue. At the date of the bonus issue, the entity had share premium and retained earnings of $20 million and $30 million respectively. Subsequently to bonus issue, the directors convened an extra-ordinary general meeting on September 15, 2020 where it was agreed that the entity will make a rights issue of one new share for every four held at a rights price of $2.50 each. Prepare a journal entry to reflect the bonus issue?

Reference no: EM133131073

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