0 2.2 noilo (s) Insight Bhd was incorporated on 1 January x8 as a public company with an initial capital of 5,000,000 fully paid-up shares at RM1 per share. Subsequently, Insight Bhd made an initial public offering of 100,000,000 ordinary shares at RM2 per share to the general public. However, the public offer was oversubscribed by 100,000,000 shares and the directors decided to do the following: Reject applications for 50,000,000, and The balance was allotted on a pro-rata basis. Money was refunded to the unsuccessful applicants. Required: Show the journal entries to record the above transactions and prepare an extract from the statement of financial position.