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Digger Ltd owns a mining site in Northern Queensland. The company is ready to undertake development of the site. On 15 November, Digger Ltd invited the public to subscribe to the issue of 3,000,000 shares for $2.25 per share. $1.25 is payable on application, $0.55 is payable on allotment and $0.45 is payable on call.
Required
Problem 1: Prepare journals to record the following transactions related to the equity of Digger Ltd.
(a) the allotment of shares on 1 January
(b) the call made on the shares on 1 May and the receipt of call monies by 31 May.
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