IV. Bonus issue Xeloz Limited offered to the public 1,000,000 ordinary shares of N1 each at N1.30 payable as follows: On Application 30k; On Allotment 50k (premium inclusive); first call on shares 30k; second call on shares 20k. Applications were received for 1,420,000 shares and the directors decided to deal with the application on the following basis: a) Applications for the first 600,000 shsees were accepted in full, b) The next 800,000 applications were scaled down, so that for each two shares applied for, only one was allotted. c) Applications for 20,000 shares were rejected. You are required to; Prepare journal entries to record the above transactions in the books of Xeloz Limited