Black Widow Ltd issued a prospectus offering 100,000 ordinary shares at an issue price of $2.50 each, payable $1.50 per share on application and the balance on allotment. The company received applications for 120,000 shares. Which of the following entries correctly records the application money? Select one: a. DR 150,000 Application Cash Trust CR 150,000 b. DR CR 180,000 Cash Trust Application 180,000 C. 250,000 DR CR Cash Trust Application 250,000 d. DR CR 180,000 Cash Application 180,000