1: Share capital and reserves Gumtree Ltd open for initial public offering for 5 million shares at a rate of $2.00 per share. Application close on 15th February 2022 with $1.00 and balance 1.00 will be payable within 30 days of allotment. Gumtree Ltd received application for 7 million shares on 15th February 2022. On 25 February 2022, management decided to allot shares on pro rata basis with excess amount received will be reduce against final payment due. Subscribers of 1 million shares fail to make the final payments due on 27th March 2022. On 10th April 2022,1 million shares forfeited and reissued at 1.60 with full payment. REQUIRED Provide the journal entries to account for the above events