journal entries

E18-4 Propco Limited was incorporated with a share capital consisting of 5000004% preference shares and 2000000 ordinary shares. The incorporators took and paid for 100000 ordinary shares at 50 cents each. Four years later, the remaining shares were offered to the public: the preference shares for C1 each and the ordinary shares for 50 cents each. The issue was underwritten for a commission of 2%. A total of 600000 preference shares and 1500000 ordinary shares were applied for and the available shares were allotted and the necessary refunds made. The terms of the underwriting agreement were implemented. You are required to: Record all the above transactions in the general journal of Propco Limited