Broadbeach Ltd Was Registered on 28 December 20X0

Multiple Choice

Broadbeach Ltd was registered on 28 December 20X0.Broadbeach Ltd has a financial year end of 31 March.On 29 December 20X0 it lodged a prospectus with ASIC inviting investors to acquire 3 000 000 shares.By the closing date of 28 February 20X1 applications for 9 000 000 shares had been received.During March 20X1 the directors allotted the 3 000 000 shares to the applicants in proportion to the number of shares originally applied for.The terms of the issue are as follows:
issue price of $10.00 per share
$4.00 payable on application
$4.00 payable on allotment
$1.00 payable on 30 June 20X1
$1.00 payable on 31 December 20X1
-How much cash would be held by Broadbeach Ltd in relation to this share issue at 28 February 20X1?

A) $36 000 000
B) $12 000 000
C) $90 000 000
D) $4 000 000