Remaining Time: 2 hours, 03 minutes. 09 seconds. Question Completion Status: QUESTION 1 20 points On 1 July 2020, MC Ltd issued a prospectus inviting applications for 200 000 ordinary shares atan sue price of 17. payable 12.30 an application $4.50 on alicement. By 1 September applications were received for 200 000 shares with $2.50 paid per share. On 6 September, the directors allotted 200 000 shares, share issue costs of $20 000 was incurred on this date and was recorded as payable. On 1 October, all allotment money was received, company also paid on this date the share issue cost incurred above and adjusted it to the share capital account Required a. Prepare all journal entries to record the transactions of MC Ltd as outlined above. (15 marks) b. if a share issue is oversubscribed what action can be taken in relation to excess money received on application? (5 marks, maximum length of the answer 100 words For the toolbar, press ALT-10PC) or ALT+F10 M BIUS Paragraph Open Sansar 10pt - A 2 Ixa . m WEDCAM RECORD