Determine the amount received on final call?

Badge Plc issued 450,000 ordinary shares of 50k each at #1.50 per share
Application and allotment 45k
1st call 50k
2nd call 55k

A. #225,000
B. #236,250
C. #247,500
D. #202,500

Correct Answer:

Option C – #247,500