TRUE/FALSE. Write T if the statement is true and 'F if the statement is false. 21) According to AASB 132, the costs of issuing shares are expensed as incurred. 22) When a shareholder is permitted to sell his or her right to participate in the purchase of shares in a new issue it is known as a non-renounceable rights issue. 23) A debt instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its equities 24) A request by a company to its shareholders to make a further payment on the outstanding balance of a partly paid share is known as a call 25) Proprietary companies have the advantage of being able to invite the public to invest in them through the subscription to share or debt capital. 26) When an investor does not pay the calls by the due dates the company, if its constitution so authorises, may forfeit the shares 27) An invitation to the public by a company to subscribe to its shares is called a constitution 28) A company may, in its constitution, limit the number of shares the directors can issue 29) When debentures are redeemed, the general joumal entry includes a credit to the debenture liability account. 30) Allotment is an offer by a company to potential investors to apply for shares in the company