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LMS Ltd was incorporated on 1 January 2020. The following transactions and events occurred since incorporation: 1 Feb 2020 LMS Ltd makes an offer to the public for investors to subscribe for 2,000,000 shares, at an issue price of $3.00 per share, with $2.20 payable on application and $0.80 payable on a call to be made at a later date. 28 Feb 2020 Applications close, with applications received for 2,200,000 shares. 10 Mar 2020 Shares are allotted to applicants on a first-in first-served basis, and application money is refunded to unsuccessful applicants.
Required:
Problem 1: Prepare the journal entries to record the transactions of LMS Ltd on 10 March 2020.
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