QUESTION 16 Saturn Ltd issued 1 million shares at a price of $10 on 1 July 2019 2019 under an initial public share offer. The subscribers are required to pay $5 on application, $3 on allotment and the balance on call to be announced at a later date. The share issue was oversubscribed by 500,000 shares. On 1 August 2019 the shares were allotted to all subscribers on a pro rata basis, and excess application moneys were applied against allotment moneys receivable on this date. What is the balance of the Share Capital account on 1 August 2019? $2 million Debit $10 million Debit $10 million Credit $3 million Credit