Undersubscription on share issue, money due on allotment On 1 January 2017, Elm Ltd issued a prospectus inviting applications for 300 000 ordinary shares, at an issue price of $6, payable S4 on application, $2 on allotment. By 30 April applications were received for 290 000 shares with $4 paid. As the minimum required subscription had been reached, on 1 May the directors allotted 290 000 shares. Share issue costs of S1200 were also paid on the same date. All of the allotment money was received by June Required Prepare journal entries to record the above transactions