Blue Ltd's equity at 30 June 2021 was as follows: 300 000 ordinary shares, issued at $1.80, fully paid 500 000 ordinary shares, issued at $2, called to $1.20 180 000 redeemable preference shares, issued at $1, fully paid Calls in advance (10 000 ordinary shares) Share issue costs General reserve Retained earnings $ 540 000 600 000 180 000 8 000 (9 000) 80 000 290 000 The following events occurred during the year ended 30 June 2022: 2021 July 21 The final call, due 1 September, was made on the partly paid shares. Sept. 1 All call money was received, except for that due on 24 000 shares. None of the holders of these shares had contributed to the calls in advance. Sept. 15 In accordance with the constitution, the shares on which the call was unpaid were forfeited. The company is entitled to keep any balance from forfeiture of shares. Oct. 1 The company offered ordinary shareholders 1 option (at a price of 70 cents per option) for every 5 shares held. Each option entitled the holder to buy 1 ordinary share at a price of $1.60 per share, exercisable on or before 15 April 2022. 31 80 000 options were taken up by shareholders, for which all money due was received 2022 Jan. 3 A prospectus was issued, inviting applications for 100 000 ordinary shares at an issue price of $2, payable in full on application. The purpose of the issue was to fund the redemption of the preference shares. The issue was underwritten at a commission of $8 700. 31 The issue closed fully subscribed, with all money due having been received Feb. The 100 000 shares were allotted, and the underwriting commission was paid. 18 The directors resolved to buyback the preference shares out of the proceeds of the January share issue for $1.10 per share. There were no tax or dividend distribution issues to consider. Assume that the original amount of shares is eliminated from Share Capital, then adjustments are made from Retained Earnings. 26 Payments were made to the preference shareholders. April 15 66 000 shares were issued as a result of 66 000 options having been exercised, for which money had been received. The unexercised options lapsed. Prepare general journal entries to record the above transactions. 5