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(23) At 1 July 2008, Jacob, a limited company, had a balance on their share premium
account of $320,000 and $1,500,000 on their ordinary share capital. This consists of
ordinary shares with a nominal value of $1.25 each.
During the year to 30 June 2009, Jacob made a bonus issue of 1 for 6. This was fully
taken up by ordinary shareholders.
What is the balance on the share premium account at 30 June 2009?
A $120,000
B $70,000
C $75,000
D $320,000
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