Give explanation based on Australian accounting Standards Board (AASB).

 The company have recently become a listed company, and as a result of this, we issued 1,000,000 ordinary shares to the public for the first time at an issue price of $10. The shares were payable as follows: 

$5 payable on application (closed on 28 January 2023)

$2 payable on allotment (received by 31 March 2023)

$3 payable on call made on 15 June 2023 and payable by 30 June 2023  All applicants paid only application money except a holder with 10,000 shares who paid $10 (full share price).  

On 31 March 2023, we have recorded share capital of $10,000,000 in the book. However, we are unsure whether this amount has been correctly accounted, therefore advice on journal entries will be highly appreciated. 

In addition, the call money due date was on 30 June and one of shareholders is not able to pay the call money on 4,000 shares he purchased. 

The prospectus state that shares will be forfeited and refund would be made to those who failed to pay call money. The underwriters informed us that they could sell 4,000 shares at $9 per share with a fee of $2,900.  

 Provide journal entries of the share issue process as examples in your explanations.