18 Issuing shares: instalments, LO2, 3 oversubscription, forfeiture and reissue The following information is available for Liu Limited for 2019: 1 January Liu Limited was registered as a new company. 1 February A prospectus was issued inviting applications for 900 000 ordinary shares at $1 per share. The prospectus specified 50 cents payable on application, 30 cents on allotment and the 20 cents balance when called. 1 March Applications were received for 1400000 shares. 1 April Directors accepted applications for 700 000 shares and allocated those shares. As per the provision of the prospectus, applications for 300 000 shares were scaled back and allocated 200000 shares (with the excess application money applied to allotment) and the directors rejected applications for 400 000 shares and refunded the money to the applicants. 1 May All allotment money due was received. 1 June The call was made for the remaining outstanding money. 1 July All call money except that owing on 40000 shares was received. 1 August The shareholders who did not pay their call had their shares forfeited. 1 September The forfeited shares were reissued at a 5 cent per share discount. REQUIRED Prepare the journal entries to record the above transactions