Shandy Sands Ltd issued a prospectus to the public on 1 March 2020, inviting applications for shares. A total of 250,000 shares were being offered to the public for $1 each, payable in full on application. Tandi Ltd agreed to underwrite 80% of the offer in exchange for a fee of $5,000.By the closing date, 20 March 2020, applications and money) for 125,000 shares had been received. Shares were issued on 1 April 2020 and all transactions with the underwriter were settled on April 5. Which of the following is NOT a journal entry that will be used to record the above transactions? Dr Payable to underwriter 70 000 Cr Cash 70 000 O Dr Cash trust 125 000 Cr Application 125 000 O Dr Cash 70 000 Cr Receivable from Underwriter 70 000 O Dr Application 125 000 Cr Share Capital 125 000 Lucky 38 Ltd is conducting an Initial Public Offering (IPO). They are offering 100 000 shares to the public at an issue price of $6 each, payable in full on application. The issue is not underwritten. The following events happen in relation to the issue: October 23 - Issue prospectus to the public. November 20 - Receive applications for 150 000 shares. December 11 - Issue 100 000 shares to successful applicants. December 12 - Issue refunds to unsuccessful applicants. Which of the following journal entries would be the FIRST that Lucky 38 Ltd would make in relation to the IPO? Note that we are looking for both the correct entry and the correct date. O October 23: Dr Cash trust $600 000 Cr Application $600 000 November 23: Dr Cash trust $900 000 Cr Application $900 000 O November 20: Dr Cash trust $600 000 Cr Application $600 000 O November 20: Dr Cash trust $900 000 Cr Application $900 000