Part B: Calculation Questions Answer both questions. Each is worth 10 marks Question 1: Oversubscription on share issues, payable in full on application. On 1 January 2018, Alba Ltd issued a prospectus inviting applications for 300 000 ordinary shares, at an issue price of $6, payable $4 on application, $2 on allotment. By 30 April applications were received for 290 000 shares with $4 paid. As the minimum required subscription had been reached, on 1 May the directors allotted 290 000 shares. Share issue costs of $1200 were also paid on the same date. All of the allotment money was received by 1 June Required: Prepare journal entries to record the above transactions. Solution General Journal