Noosa Ltd makes an offer of shares to the public. In its prospectus it notes that the shares are to be issued at $8.00 per share. The shares are to be paid in three instalments. The first payment, to be made on application, is $3.20 A second amount of $3.20 will be due within one month of allotment, and the third amount of $1.60 will be due within one month of the first and final call. Noosa Ltd will seek to issue 4 million shares. The closing date for applications is 31 August 2023. By the closing date, applications have been received for 5 million shares. To deal with the oversubscription, Noosa Ltd has decided to issue shares to all subscribers on a pro rata basis. All amounts due on allotment are paid by the due date. The first and final call for $1.60 is made on 30 November 2023, with the amounts being due by 31 December 2023. Holders of two million shares fail to pay the amount due on the call by the due date, and on 15 January 2024 these holders have their shares forfeited. The forfeited shares are auctioned on 15 February 2024. An amount of $5.60 per share is received. The cost of holding the auction is $4000. The shares are sold as fully paid.

Provide the accounting journal entries necessary to account for the above transactions and events.