X Limited had the following equity on 1 January.
During the year ended 31 December, the following transactions took place.
1 January a bonus issue of 1 ordinary share for every 8 ordinary shares; it is the company’s policy to keep its reserves in the most flexible form
1 July an issue of debentures for $150000
1 December a rights issue of 1 ordinary share for every 15 ordinary shares at a price of $1.60 per share; the rights issue was fully taken up
31 December profit for the year ended 31 December was $120000
What was the total equity at 31 December?

$678000
2 )
$728000
3 )
$828000
4 )
$878000
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