Question: (6 points) First Point Ltd commences operations by issuing 1 million shares at a price of $1.40 per share, payable in full on application. Application

(6 points) First Point Ltd commences operations by issuing 1 million shares at a price of $1.40 per share, payable in full on application. Application monies are received on 31 July 2019 and the shares are allotted on 4 August 2019. The share issue is made as a result of an offer being made to the public. REQUIRED Provide the journal entries to account for the receipt of the application monies and the subsequent allotment of the shares. Maximum size for new files: 20MB, maximum attachments

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