Bailey Ltd has the following equity balances at the end of June 2022. Share Capital A 500,000 shares issued at $5 paid to $3 Share Capital B 100,000 shares fully paid @ $6 Total $1,500,000 600,000 $2,100,000 Prepare journal entries to account for the following transactions: 1 Nov 2022 The company makes a 1-for-5 rights offer to its 'B' ordinary shareholders. The rights are renounceable and allow holders to obtain 'B' ordinary shares for $2 per share, payable in full on application. The holders of 10 000 'B' ordinary shares accept the rights offer by the expiry date. The shares are duly allotted and all money is received. 4 Dec 2022 A call of $2 per share is made on all 'A' ordinary shares. All call money except that owing by the holder of 50,000 shares is received by 31 January. Shares on which calls are unpaid are forfeited and cancelled, as per the company's constitution. SHOW ALL WORKINGS