David and Roger Ltd. issued a prospectus for 160,000 $10 shares on 1 January 2019.

The prospectus required payment of $5 on application and $4 in one years time. The company received applications for a total of 180,000 shares these applications were received throughout the month of January.

On 31 January 2019 Roger and David Ltd issued 160,000 shares.

Required:

Prepare the journal entries to account for the issue of shares assuming the excess money was offset against the call due in one years time.