Question: Can you explain each step? On 2 March, Makayla Ltd invited the public to subscribe for 50000 shares at $1.50 each, $1.00 payable on application

Can you explain each step?

On 2 March, Makayla Ltd invited the public to subscribe for 50000 shares at $1.50 each, $1.00 payable on application and $0.50 payable on allotment. By 31 March, applications were received for 5,000 shares and these were allotted on 1 April. All amounts owing on allotment were received by 30 April. Required: Prepare the journal entries required to record the issue of the shares and proceeds of the share issue

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