White Ltd has been investigating the expansion of the company into new areas of development.

In order to fund these new investments the company needs an increase in equity. On 1 April 2022

the company decided to make a public issue to raise $1 800 000 for new capital development.

The company issued a prospectus inviting applications for 600 000 $3 shares, payable in full

on application. There was an additional incentive offered by White Ltd to investors, as those

shareholders who acquired more than 30 000 shares were allowed to acquire options at 50c each.

These options allowed the investors to acquire shares in White Ltd at $3.20 each, the acquisition

having to occur before 30 November 2022.

White Ltd had received applications for 750 000 shares and 60 000 options by 10 May. On

28 May the shares and options were allotted and money returned to unsuccessful applicants. All

applicants who acquired options also received shares.

By 30 November 2022 the price of each of Whites shares was $3.35. Holders of 54 000 options

exercised their options in November, with the remaining options lapsing.

Required

Prepare the journal entries in the records of White Ltd in relation to the above events.