Jamaica Lid was incorporated on 1 July 2015 and on the same day, the company purchased the net assets of Smart Corporation by issuing 120 000 ordinary shares at a price of $8 per share. The shares were fully paid On 5 August 2015, the company issued a prospectus to the public, offering; 150,000 10% preference shares for $12 payable $8 on application and the remaining on allotment; as well as 250,000 ordinary shares at an issue price of $10, payable on the following terms; $3 on application . $3 on allotment $2 on call one $2 on call two. Call one was made one month after the date of allotment, and call two was made three months after the date of allotment. The issue was underwritten for a commission of $4,000. When applications closed on 30 August 2015, applications had been received for 120,000 preference shares and 300,000 ordinary shares, including one applicant for 25,000 ordinary shares who had paid in full. On 12 September 2015, the directors allotted the shares as follows; 1. Preference shares: the successful applicants were allotted the preference shares. 2. Ordinary shares: a. 25,000 ordinary shares were allotted to the applicant who paid for the shares in full. b. Applicants for 35,000 ordinary shares were refunded their application money in full. c. The remaining applicants were allotted the remaining ordinary shares. The excess application money on these shares was to be offset against the amount payable on allotment. The share issue costs were $3,200 and were paid on 20 September 2015. All allotment money was received by 25 September 2015 including the amount due from the underwriter. The underwriting commission was paid on this date. The two calls were made on the dates stated in the prospectus, and a month after, each call monies were received, except that the holders of 15,000 ordinary shares did not pay either call. In addition, a holder of another 10,000 ordinary shares did not pay the second call