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Flag Ltd has received applications for 4 million shares during July 2014. The shares are to be issued at a price of $2.75 per share.

Flag Ltd has received applications for 4 million shares during July 2014. The shares are to be issued at a price of $2.75 per share. The 4 million shares are allotted on 15 August 2014. What are the accounting entries required to record these events?

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