On 1 January, X Limited had the following equity: Ordinary share capital ($1$ shares): $400\,000$ Share premium: $30\,000$ General reserve: $10\,000$ Retained earnings: $70\,000$ Over the year ending 31 December, these transactions occurred: 1 January: bonus issue of 1 ordinary share for every 8 ordinary shares; the company’s policy is to retain its reserves in the most flexible form. 1 July: debentures were issued for $150\,000$. 1 December: 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 $120\,000$. What was the total equity at 31 December?
- A$678\,000$
- B$728\,000$
- C$828\,000$
- D$878\,000$