Gorgeous Ltd is a newly registered company, and the followingtransactions take place during 2023. A prospectus is issued inviting applications for 2,000,000 ordinary shares at an issue price of $6.00 each= with $4.00 payable on 1 February application, $1.50 within one month of allotment, and $0.50 on a call to be made at a later date. The issue is underwritten at a commission of$12,000. 28 February Applications close with the share applications received for 2,100,000 shares. 15 March Shares are allotted on a proerat-a basis. The surplus application money is offset against the amount payable on allotment. The underwriter is paid theircommission. 15 April All allotment money is received. 1 May The call is made,with money due by 31 May 2023. 31 May All call money is received except for holders of20,000 shares who fail to meet the call. 15 June The directors forfeitthe shares on which call monies are unpaid. 30 June The forfeited shares are reissued as fully paid-for consideration of $5.20 per share. Costs of forfeiture and reissue amounted to $2,000 and are paid. The balance In the forfeited shares account is returned to the formershareholders. Required: Prepare the journal entries necessaryto account for the a bove transactions and events. Show all releva nt dates and brief narrations. Please ensure that you leave yourself enough time to u pload your le responses. it is recommended that you u pload your le as you complete a file response