Pay and Go Ltd, is an online payment solution that was incorporated on the 1 January 2019. The Memorandum of Incorporation stated that the companys capital comprises of: 1) ordinary share capital of 250 000 ordinary shares; and 2) 100 000 preference shares. On 1 January 2019, the company received R50 000 for 50 000 ordinary shares which were issued on 15 January 2019. On 31 January 2019, the company paid preliminary costs of R15 000 incurred on the formation of the company. Pay and Go Ltd has a financial year end of 31 December. After a successful year of trading and meeting the requirements of listing on the JSE, the company decided to issue the following shares through an Initial public offering: 1) Ordinary Shares: 100 000 shares at an issue price of R15 per share 2) Preference shares: 75 000 shares at an issue price of R3 per share. On 1 July 2020, the company retained the services of Western Financial Services to be the main advisor, sponsoring broker and underwriter. Western Financial Services will charge the following for its services: 1. Transaction costs R25 000 2. Underwriting commission 2% After issuing its prospectus, in application to purchase shares, the company received the following amounts on 31 July 2020: R2 500 000 in respect of ordinary shares R150 000 in respect of preference shares All shares were allotted on 15 August 2020 and any amounts owed to or by Western Financial Services would be settled by 31 August 2021. Page 12 of 12 Required: 1. Record the issue of shares to the incorporators in the general journal (12 Marks) 2. Record the issue of shares through the IPO in the general journal. (43 Marks)