On 1 January, X Limited had share capital of 100000 ordinary shares which had been issued at their par value of $\$ 1$ each. There was no share premium account.
On 1 March, a bonus issue of one new ordinary share for every five ordinary shares held was made from retained earnings.
On 1 June, the company made a rights issue of one new ordinary share for every four ordinary shares held at a price of $\$ 1.50$ each. All the rights were taken up.
How much was recorded in the share premium account?
1 )
$\$ 12500$
$\$ 15000$
3 )
$\$ 30000$
4 )
$\$ 45000$
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