ise 2.6 ISSUE OF ORDINARY AND PREFERENCE SHARES ** Prepare journal entries and ledger accounts to record the following transactions for Kuwait Lad: 2015 April 1 April 10 A prospectus was issued inviting applications for 100000 ordinary shares at an issue price of $1.50, fully payable on application. The prospectus also offered 100000 10% preference shares at an issue price of $2, fully payable on application. The issue was underwritten at a commission of 54500, being $500 relating to the issue of ordinary shares and the balance for preference shares. All unsuccessful application monies were to be returned to the applicants. Applications closed with the ordinary issue oversubscribed by 40000 shares and the prelerence shares undersubscribed by 15000 shares. 100000 ordinary shares were allotted and applications for 40 000 shares were rejected and money refunded. 100000 preference shares were also allotted. The underwriter paid for the shares allocated to her, less the commission due. April 15 April 20