On 4 July 2019, Smith Ltd issued a prospectus offering 300,000 ordinary shares at an issue price of $4.00 each, payable $2.00 on application and $2.00 on allotment. Applications closed on 1 August 2019 with the company having received applications for 330,000 shares. The shares were allotted on 15 August 2019, with the over- subscription amount being refunded to unsuccessful applicants. All allotment money was received by 31 August 2019. Following the allotment on 15 August 2019, the amount transferred from the cash trust account to the cash account would be: Select one: a. $1,320,000 O b. $600,000 O c. $660,000 d. $1,200,000 In respect to the issue of shares by companies, which of the following statements is incorrect? Select one: a. Companies can convert ordinary shares into preference shares. O b. Companies can only issue ordinary shares. c. Companies can issue any specified number of shares at any price. d. Companies can issue both ordinary and preference shares. According to AASB 107 Statement of Cash Flows, which of the following items does not fall within the definition of cash? Select one: O a. Deposits on the short-term money market with a term of less than 3 months. O b. Bank notes and coins. O c. Non-bank bills that are readily convertible to cash. O d. Accounts receivable. According to the Corporations Act 2001, a small proprietary company is one which satisfies at least two of the following tests: it must have consolidated revenue of less than $50 million, consolidated gross assets of less than $25 million and: Select one: O a. fewer than 100 employees at the end of the financial year. 0 b. total liabilities of less than $10 million. O c. total liabilities of less than $20 million. d. fewer than 100 shareholders at the end of the financial year