Data Section On August 1 2020, Sun Ltd issued 1 200 000 shares at $1 per share. On September 1 2020, applications closed with 1 500 000 received. Allotments were made on an 80% pro-rata basis as follows: Refunds # Applications 900 000 600 000 1 500 000 Application .40c $288,000 $192,000 $480,000 Allotment.60c $72,000 $288,000 $360,000 $120,000 $120,000 Cash received # Allotted $360,000 720 000 $600,000 480 000 $960,000 1200 000 Ordinary shares issued on 1 August: No of applications that were offered No of applications that were received Oversubscribed (application money refunded) NB; Applications paid in full: 1,200,000 1,500,000 300,000 600,000 Payment terms: Payable on application (1 September) Payable on allotment (30 September) Issue share's price $ 0.40 $ 0.60 $ 1.00 Answer Section Required: Journal entries (in general journal format) to record the share issue General Journal Sun Ltd. DR CR 1-Sep Cash Trust Application Cash rec'd on applications 15-Sep Application Allotment Share Capital Receivable on 1.2m shares Cash at Bank Application (refunds) Cash Trust Transfer of cash Application Allotment Trfexcess application money 30-Sep Cash at Bank Allotment Bal. allotment rec'd in full