Question - Warren Ltd was organised on 2 January 2016, and proceeded to issue 98,000 9% cumulative preference shares and 196,000 ordinary shares. The preference shares were issued privately at a value of $2 each and the ordinary shares were issued to the public at $5 each, payable in two installments of $2.50 per share. The first installment was payable on application and the remaining installment was payable by 30 June 2017. The call for the second and final installment has not yet been made.
Prepare the equity section of the balance sheet as at 30 June 2017.