1. On 1 October 2018, Acacia Ltd issued a prospectus for applications for 200 000 ordinary...

  

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1. On 1 October 2018, Acacia Ltd issued a prospectus for applications for 200 000 ordinary shares to the public at an issue price of $7, payable $2.50 on application, $1.50 on allotment and the remaining $3 in future call(s) as determined by the directors. By 1 December applications had been received for 240,000 ordinary shares with $2.50 attached. At a directors' meeting on 5 December, it was decided to reject applications for 40 000 shares and issue shares to the remaining applicants. Share issue costs of $4000 were paid on 5 December. All outstanding allotment money was received by the 1 January 2019. The first call for $3 was made on 1 February 2019, except for 25,000 shares money received by 20 February. Required Prepare the journal entries to record the transactions of Acacia Ltd. 1. On 1 October 2018, Acacia Ltd issued a prospectus for applications for 200 000 ordinary shares to the public at an issue price of $7, payable $2.50 on application, $1.50 on allotment and the remaining $3 in future call(s) as determined by the directors. By 1 December applications had been received for 240,000 ordinary shares with $2.50 attached. At a directors' meeting on 5 December, it was decided to reject applications for 40 000 shares and issue shares to the remaining applicants. Share issue costs of $4000 were paid on 5 December. All outstanding allotment money was received by the 1 January 2019. The first call for $3 was made on 1 February 2019, except for 25,000 shares money received by 20 February. Required Prepare the journal entries to record the transactions of Acacia Ltd.