In January $2020,$ Energetic Corporation issued a prospectus inviting the public to subscribe $7$ million ordinary shares of $$4\mathrm{.}0$ each. The company requested that the issue price be paid in three parts, these being $$2\mathrm{.}5$ on application, $$1$ within two months of the shares being allotted and $$0\mathrm{.}5$ within four months following allotment.

Applications were received for $8$ million of shares during January $2020.$ The directors allotted seven million shares on $31$ January $2020.$ All applicants received shares on a pro rata basis. The following costs were associated with the issue: legal costs $$500,000$; management time $$150,000$; brokerage fees $$250,000$ and negotiating sources of finance $$100,000.$

The amounts payable on allotment were due by $31$ March $2020$ for call one and $31$ May $2020$ for call two.

Required

Provide the journal entries to record the transactions.