JAMB Principles of Accounts 2013 Question 44

Given:
Applications were invited by the directors of Abiodun PLC for 500,000 ordinary shares of ₦1:00 each at ₦1: 10 per share payable as follows.
On application 46k
On allotment 20k
1st Call 15k
2nd Call 29k
How much is to be paid for application?

1. A.₦230,000.
2. B.₦280,000.
3. C.₦500,000.
4. D.₦550,000.