Royal Empire Ltd commenced trading many years ago. Equity at 30 June 2019 comprised the following.

During the financial year ended 30 June 2020, the following transactions with respect to capital and dividends took place.

Required

(a) Prepare entries in general journal format to record the above transactions. Ignore closing entries.

(b) Prepare the statement of profit or loss and other comprehensive income for the reporting period ended 30 June 2020 to comply with IAS 1/AASB 101.

(c) Prepare a statement of changes in equity for the year ended 30 June 2020.

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Share capital, 200 000 ordinary shares fully paid at $5 General reserve Retained earnings $1 000 000 335 000 171 500 $1 506 500