In an attempt to fund mining expansion operations in Far-North Queensland, Metallamine has raised more than $200 million extra in funding than their original target of US$300 million. Metallamine issued 14 million shares priced at $36 each which allowed them to raise a total of $504 million for a project that was originally projected to produce 45 million tonnes of iron ore annually.

Required

(a) As the above share issue was a private placement with several well‐known investors, prepare the journal entry, in general journal form, made by the company to record the share issue.

(b) How would your answer to requirement (a) differ if the share issue had been a public share float?