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Prepare journal entry to record the rights issue of share

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Question - Johnson's Ltd has 320 million ordinary shares with par value of $0.80 as at December 31, 2019. On April 30, 2020, the entity decided to make a three for four rights issue for $1.75 when the market price per share was $2.05. For the years ending December 31, 2019 and 2020, the entity reported net profit of $112 million and $129million respectively.

Required -

1. Prepare the journal entry to record the rights issue of share.

2. Compute the EPS for 2020, showing all supporting workings.

Reference no: EM133030371

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