Posted: June 15th, 2022

Torque Mining Ltd issued a prospectus on 25 January 2013 inviting applications

Torque Mining Ltd issued a prospectus on 25 January 2013 inviting applications for as much as 20 000 000 strange shares at a problem value of 20ceach, payable in full on utility. A minimal subscription of $three 000 000 was specified, with share situation prices of $376 350 anticipated to be incurred. The anticipated deadline for the provide was 15 March 2013. On 27 March 2013, the corporate suggested that the Preliminary Public Providing had been withdrawn because the minimal subscription had not been reached.(Primarily based on data from Torque Mining Ltd, www.torquemining.com.au/information.)RequiredA. What’s the rationale behind specifying a minimal subscription to be reached earlier than a share situation could be made?B. Assume that the minimal subscription was reached, the provide closed on 15 March 2013, and that three,000,000 shares have been issued on 27 March 2013 with share situation prices paid on that day. Put together the journal entries required to be processed from the 25 January to the 27 March inclusive.C. On condition that the share situation was not accomplished, clarify how any prices related to the provide could be accounted for?

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