Following the case of Polynovo Limited company, Polynovo now has successfully listed on NYSE inthe US and the company is issuing a prospectus to potential investors regarding a new share issue The prospectus is dated 1 January 2021 and invites the public to apply for 900,000 ordinary shares at S10 per share. The terms of the share issue are $4 on application, $2.50 on allotment, $2 on the first call and $1 50 on a second call If the issue is oversubscribed the directors can make a pro-rata issue of shares and the excess application money will be applied to allotmet and calls. On I March 2021 applications close and applications had been received for 1,200,000 shares. A table summarising the applications received is presented below Shares applied for Paid to Shares Directors allotted 60,000 $10.00 60,000 300,000 $6.50 20,000 840,000 $4.00 640,000 On 15 March the shares were aliotted and on 1 April all outstanding allotmemt money was received. On 10 April share issue costs of S60,000 were paid On 6 October the first call is made on the ordinary shares and on 31 November all the cll money was received except for the call on 20,000 shares. The shares were forfeited on 5 December and reissued at $9.50 (as fully paid) on 31 December with costs associated with the for feited shares of $1,000 paid on 31 December Required: a) Prepare a schedule that shows a breakup of the following items: (24 marks) $1.50 Firt Call Sec. Call Share Share Cash $4.00 $2.50 $2.00 Refund Applied Alotnod S Receivod Application Alloment b) Prepare journal entries to reflect all transactions for the year end 31 Dec. 2021. (36 marks) Note: the entries should be displayed in date order of the underlying transaction: The detailed calculations and relevant description should be listed below each entry. Marks are not given for a messy format