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Question 3 Kosta Ltd has received applications for 4 million shares during July 2020. The shares are to be issued at a price of $2.75

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Question 3 Kosta Ltd has received applications for 4 million shares during July 2020. The shares are to be issued at a price of $2.75 per share. The 4 million shares are allotted on 15 August 2020. What are the accounting entries required to record these events? Required: Provide the journal entries necessary to account for the application of Kosta Lid's shares. Hint: 3 Journal Entries (5 Marks) Question 4

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