Question: Please answer in proper format with all working clearly Note : Every entry should have narration please On January 1, 2021, the start of the

Please answer in proper format with all working clearly Note : Every entry should have narration please

Please answer in proper format with all working
On January 1, 2021, the start of the current financial year, Rubble Led had in issue 48 million ordinary shares with a par value of $1.20 each. The company also had a retained earnings balance of $104.1 million, a revaluation reserve balance of $6.3 million, and a share premium balance of $19.8 million. On May 1, 2021, the entity made a three for five bonus issue of shares, sparing retained earnings as much as possible. The entity reported profit after tax of $18.2 million for 2020 and $21.6 million for 2021. Required: Prepare the relevant journal entries to record the bonus issue of shares. Determine the EPS for 2021. o Determine the original and restated EPS for 2020

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