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On 2 March, ACDC Ltd invited the public to subscribe for 10,000 shares at $3.00 each,...

On 2 March, ACDC Ltd invited the public to subscribe for 10,000 shares at $3.00 each, $1.50 payable on application and $1.50 payable on allotment. By 31 March, applications were received for 10,000 shares, and these were allotted on 1 April. All amounts owing on allotment were received by 30 April.

Prepare the journal entries required to record the issue of the shares and proceeds of the share issue.

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