Assume the Opening Balance of Equity (01/07/2017)is $1,500,000

Multiple Choice

Assume the opening balance of equity (01/07/2017) is $1,500,000. During 2017/18, there was a share issue of $540,000, dividends declared of $280,000 and a profit for the year of $75,000, What is the equity balance on the 30/06/2018?

A) $2,650,000
B) $2,370,000
C) $1,835,000
D) Not enough data to calculate the closing balance.