Example (Rights issue):Clarke Fringland CoStatement of financial position as at 31 December 20X3 (extract)$Share capital (50c) 8,000Share premium7,000Retained earnings 10,00025,000Clarke Fringland Co decides on a rights issue of 1 for 4 at $1.2Required:What is the double entry to record the issue of shares and what is the adjusted financial position extract after the issue?