Changi Ltd was incorporated on 1 March 2021. On 1 July, it was decided to issue 1 000 000 ordinary shares on the following terms: application $1.00 per share; allotment $2.00 per share; and call as required $2.00 per share. To the end of March, applications for 1 300 000 shares had been received together with the application money due on each share. One applicant for 100 000 shares had forwarded $500 000 in full payment of the shares. On 5 April, the directors proceeded to allot 1 000 000 shares on the following basis. 100 000 shares were allotted to the applicant who paid for the shares in full, and the other successful applicants were allotted the remaining shares based on the proportional basis. Excess application money will be transferred to allotment. On 15 April, all allotment money had been received. A first and final call was made on 1 October, and all call money was received by 30 April with the exception of the amount due on 50 000 shares. Required: Prepare journal entries to record the above transactions. (20 marks)