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Shalom Ltd has 800,000 shares as at 1 February 20X2. On 15 February 20X2, a rights issue of 1 for 8 was made at $2.75

Shalom Ltd has 800,000 shares as at 1 February 20X2.

On 15 February 20X2, a rights issue of 1 for 8 was made at $2.75 a share. All additional shares were taken up and money was received by 29 February 20X2.

Required:

Determine the amount raised on the rights issue.

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