Ledo Venture Limited is a listed company. It wishes to raise funds for developing a new mobile app. In early July 2018, it announced an issue of 490000 shares at $12 each: $7 payable upon application; $4 on allotment of shares; and the rest to be reserved for a call within the next 12 months. Before this issue, there were 690000shares on issue at $1.7 each.

a. On the 25^th of July, the company has received applications for 570000 shares.

b. The board of directors met on 1 August 2018 to decide on the allotment of shares. The board of directors decided to allot shares proportional to the number of shares each application applied for.

c. The cash from the share issue was transferred to the company bank account.

d. On the 31^st of August, all allotment money was received.

e. On the 15 May 2019, the company made a call for the rest of the money, payable in the next 14 days.

f. On the 29^th of May, call money for all but shareholders with 20000 shares failed to pay.

g. The 20000 shares where shareholders did not pay call money were forfeited.

h. According to the company constitutions, shareholders with their shares forfeited were entitled to a full refund. On the 30^th of May, the company paid this amount the next day after the forfeiture of shares.

i. The company's investments turned out to be a huge success, share price have hit record high. As a result, on 15 June 2019, the board decided to split shares (2 for 1) in an attempt to bring the share price to comparable level to their industry peers.

j. By the end of June 2019, profit for the year have reached $1212750.

k. On the 10^th of July, the company board declared a cash dividend of 25 cents per share.

l. The cash dividend declared on the 10^th of July was then paid on 15 July 2019.

Required:

Fill out the journal entries for the above transactions (including closing entries).