Regardless of the advice you have given (Part A), the owners have decided to go "public" and issue an ‘IPO" They issue 30 million shares ($2.00), of which the payment on application is to $0.80 per share (closes 18th April 2013), $0.50 four weeks after allocation (allocation is 12th May 2013) and the remaining amount to be paid on 30th June 2013. The IPO attracts requests for 30.4 million shares. In this case, it exceeds the allowable number of shares and the directors decide to apply the "first-come, first-served" approach and return the excess back to the unlucky applicants
Required: You are to journalise the events (including dates and notations). You should assume that all monies were received on 18th April (applications).