Assignment Question Mary Ltd was incorporated on 1 July 2020. On 3 July, the company issued a prospectus to the public to subscribe 500 000 ordinary shares at an issue price of $ 1 .20 per share on the following terms: 0 $0.50 on application (due 31 July 2020) 0 $0.40 on allotment (due 31 August 2020) o The balance on call (due 30 November 2020). The share issue costs of $2,800 was paid on 20 August 2020. By 31 July 2020, applications had been received for 600 000 ordinary shares, of which 500,000 shares were paid to $0.50 per share while applicants for 100 000 shares paid in ill at $1.20 per share. On 8 August 2020, the board of directors allotted to applicants who had paid in full on application, all the number of ordinary shares applied for, while the remaining applicants were allotted ordinary shares in the proportion of 4 for every 5 ordinary shares applied for. All surplus money from applications was to be transferred to allotment andfor call accounts according to the prospectus. On 1 November 2020, the nal call was made and by 30 November, all call money was received except for 6 000 shares that were unpaid. Required Instructions: Answer the following questions on Excel worksheets: (a) Workings on the allocation of money received on application in a table format. (b) Prepare the general journal entries to record the transactions (N arrations are required). (c) Prepare a balance sheet of Mary Ltd as at 30 November 2020 (assume there are no other transactions other than those related to the share issues and share issue costs)