XYZ Ltd was registered as a company on 1 July 2017. On 4 July 2017, ABC Ltd issued a prospectus offering 200 000 ordinary shares at an issue price of $5.00 each, payable $3.00 on application and $2.00 on allotment Applications closed on 1 August 2017 with the company having received applications for 220 000 shares. After application but prior to allotment, the balance in the application account would be: a. $1 000 000 credit. b. $600 000 credit C. $660 000 credit. d. 5660 000 debit