Mango Ltd was registered on 1 March 2020. The directors decided to issue 500000 ordinary shares on 31 March 2020, at an issue price of $5 payable $3 on application, $2 on allotment. The company received applications for 510000 shares on 30 April 2020 and sent letters of regret and refunds to unsuccessful applicants of 10000 shares. Legal costs of issuing the shares, $12000, were paid.

Required

Prepare journal entries and ledger accounts to record the above transactions.