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Contact Ltd was registered as a corporation on 1 July 2020. On 3 July 2020, Contact Ltd issued a prospectus offering 80 000 ordinary shares at an issue price of $7.00 each, payable $3.00 on application and $4.00 on allotment
Application closed on 1 August 2020 with the company having received applications for 85 000 shares. The shares were allotted on 15 August 2020, with the over-subscription amount being refunded to unsuccessful applicants. All allotment monies were received by 31 August 2020.
Problem 1: Following the allotment, the balance in the Share Capital account would be:
Select one:
Option 1: $560 000 CR
Option 2: $595 000 CR
Option 3: $320 000 CR
Option 4: $240 000 CR
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