3 Safari ??8:48 ?? QUESTION 1 30 MARKS Mercer Industries Ltd undertook a public share issue. The general journal entries for the share issue are presented below. The following additional information is also provided: The applicants for the share issue were a mixture of some who paid for their shares in full and others who paid only the required application amount. The applicants who paid only the required application amount were of two groups. One group had their applications refused and their money refunded The other group applied for more shares than available and they were issued shares in proportion to their applications The 2nd and Final Call was for $1.25 per share. The Calls in Advance account used to partly satisfy this Call related only to original applicants who paid for their shares in full REQUIRED Using the general journal entries and the additional information provided and complete the questions which follow 20x2 DR CR Jan 1 Bank Trust 44,000,000 4,000,000 20,000,000 15,000,000 Share Capital 35,000,000 24,000,000 15,000,000 2,000,000 7,000,000 Bank Trust Calls in Advance Cash at Bank 42,000,000 Bank Trust 42,000,000 th