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Question: On January 1, 2021, the start of the current financial year, Bubba Ltd had in issue 49 million ordinary shares with a par value of $1.60 each. The company also had a retained earnings balance of $113.9 million, a revaluation reserve balance of $72.1 million, and a share premium balance of $18.8 million. On May 1, 2021, the entity made a two for five bonus issue of shares, sparing retained earnings as much as possible. Three months later, it made a one for eight rights issue at $2.10 per share, when the share price was $2.35. It then declared dividends of 4% of the total share capital in issue at the end of the year. During the period, the entity reported profit after tax of $36.2 million and recognised revaluation gains of $3.8 million.
Required: Prepare the entity's statement of changes in equity for the year, Note that a column should be included to reflect the number of shares. Additionally, the bonus issue and rights issue should be shown as separate line items (i.e. not combined as a single transaction).
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