Gundagai Ltd was incorporated on 30 June 2016. On 1 July 2016, the company issued a prospectus offering 300 000 ordinary shares at an issue price of $10, payable on the following terms:

            $3 on application

            $3 on allotment

            $2 on first call

            $2 on second call

A summary of the applications and allotments register follows:

Amount paid per share on application			Number of shares applied for				Number of shares allotted
	$3 $6 $10			200000 100000 50000			150000 100000 50000

Shares were allotted to all applicants on 1 September 2016. All money received in excess of amounts due on application was applied to amounts due on allotment and calls. Where appropriate, refunds of application money were made. All allotment money was received by 30 September 2016. 

On 1 November 2016, Gundagai Ltd’s directors made a call of 42c per share, payable by 30 November 2016. By 31 December, call money had not been received from holders of 25 000 shares. 

Required

A. Prepare journal entries to record the above events.

B. Prepare the ledger accounts (running balance format) for the period 1 July to 31 December 2016.

C. Prepare the statement of changes in equity for the period ending 31 December 2016.