JAMB Principles of Accounts 2007 Question 14

A company's authorized share capital was one million ordinary shares at ₦1 each. It issued 80% of its shares at ₦1.10 per share. 70k was payable on application, 25k on allotment, 10k due on first call and the balance on second call.
The total amount of money received on application was

1. A.₦560 000
2. B.₦220 000
3. C.₦800 000
4. D.₦1 000 000