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Question 3: (16 marks) a) Describe the purpose of each of the ledger accounts: Share Capital and Application that are used to record the issue of shares. (2 marks) b) On 1 July 2019, Makeamillion Led was registered and offered 60,000 ordinary shares to the public at an issue price of $7, payable as follows: $5 on application (due 13 August) $2 on final call By 13 August, applications had been received for 60,000 ordinary shares. The company issued 60,000 shares on 15 September. The call was made on 5 October with money due by 15 October. All money was received on the due date except for the holders of 5,000 shares who failed to meet the final call. On 20 October, as provided for in the constitution, the directors decided to forfeit these shares. They were reissued, on 25 october, as paid to $7 for $6 in cash. Further, on 28 October, there was an issue cost of $3,000 that was paid in cash, as well the the balance of the Forfeited Shares account being returned to the former shareholder on the same day. Required: Prepare the journal entries to record the transactions of Makeamillion Ltd from when the call was made on 13 August until 28 October 2019 (Show all workings and dates, narrations are not required). (14 marks)