Reference no: EM133055019

Question - On 1 July 2021, Angelia II Ltd was incorporated, and on 4 July a prospectus was issued inviting applications for 80 000 shares at $10 each payable as follows:- - $3.50 on application, - $4.50 on allotment, - First Call of $0.30 to be made 3 months after the date of allotment. - Second and Final Call of $1.70 will be called 2 Jan 2022. The share issuance is underwritten. By 31 July, applications were received for 76 400 shares. On 2 August, the directors allotted 76 400 shares to the applicants. The balance of allotment money was received by 11 August. The underwriting costs of $3 750 was deducted before remittance of monies for allotment. The holders of 2 400 shares did not pay for both Calls. Additional 1 200 shares did not pay for the Second Call. Prepare journal entries to record the above transactions (in general journal format).