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on 1 January 2010, Hay Ltd had the following shareholders’ equity accounts. Share Capital $4 100 000 Retained Earnings 3 200 000 The number of ordinary shares issued is 260 000. During the year, the following transactions occurred. April 1 Declared a $1.50 cash dividend per share to shareholders of record on 15 April, payable 1 May. May 1 Paid the dividend declared in April. June 1 Announced a 2-for-1 share split. Prior to the split, the market price per share was $24. Aug 1 Declared a 10% bonus issue to shareholders out of retained earnings, distributable 31 August. On 1 August, the market price of the shares was $10 per share. 31 Issued the shares for the share dividend. Dec 1 Declared a $1.50 per share dividend to shareholders of record on 15 December payable 5 January 2011. 31 Determined the profit for the year was $600 000.