Penshurst Ltd’s balance sheet, before a share dividend, is as follows:

	Peru ltd Balance Sheet as at 30 June 2016
	ASSETS Cash at bank Non-current assets		$  20000 150000		EQUITY Share capital General reserve Retained earnings		$100000 40000     30000
			$170000				$170000

The company immediately declared a share dividend from the general reserve on the basis of

1 bonus share for every 5 shares held. All shares were issued at $1.

Required

Prepare any journal entries necessary to record the payment of this share dividend.