Kentax limited company has an authorized share capital of $100,000, divided into 100,000 ordinary shares of $1 each. On 1 January 200N, the company announced that all of its share capital would be issued at par, payable in full on application. Applications were received for exactly 100,000 shares on 15 January 20N. Shares were allotted on 31 January 200N.

Required: Prepare journal entries to record the issue of shares.