Reference no: EM132826894
The Board of Directors of the Mining company Pine Metals Ltd (PML) wants to eitheror issue a prospectus inviting applications from the general public for 600 000 ordinary shares, at an issue price of $7, payable $2.50 on application, $1.50 on allotment, and $3 on future call announce plans to raise $4 200 000 through a placement of 600 000 ordinary fully paid shares at $7 per share to institutional investors to fund new surveys and drilling campaigns for its copper project.
PML expects to issue a prospectus inviting applications for 600 000 ordinary shares to the public, payable as follows:
$2.50 on application (due by closing date of 31 January)
$1.50 on allotment (due 28 February)
$3.00 on future call/calls (due 30 June)
The Chief Executive Officer (CEO) of PML has instructed you, as the Chief Accountant, to submit a report to the board providing advice on the following:
Problem 1: Assuming that the public share float above proceeded, what journal entries would be required to account for it?
Problem 2: Assuming that the private placement above proceeded, what journal entries would be required to account for it?
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