LO3 E10.1 Journalise issue of ordinary shares. During its first year of operations, SunLand Ltd had the following transactions pertaining to its capital. Jan. Issued 60 000 shares for cash at $5 per share. July 1 Issued 20 000 shares for cash at $9 per share. 10 Required a. Journalise the transactions, assuming that the share issues were private placements. b. Journalise the 1 July and subsequent call issue assuming that it was a public offer, and that the public were invited to subscribe for 20 000 shares at $9 each, $4.50 payable on application and $3 on allotment. Applications closed and shares were allotted on 1 July. All allotment money was received by 31 July. The remaining capital of $1.50 per share is called on 1 December and all call money was received by 31 December