On 1 August 2021 Elk Ltd issued a prospectus inviting the public to subscribe to 300 000 ordinary shares at an issue price of $2.00 each. The amount payable on application is 50c per share. A further $1 per share is required on allotment. The prospectus provides for a call of 50c per share to be made in the future. Applications for 340 000 shares were received by the closing date of 31 August 2021. The shares were allotted pro-rata to the applicants on 1 September. As permitted by the constitution, all monies received in excess of amounts due on application were applied to amounts due on allotment. All allotment monies were received by 30 September. The call of 50c was made on 1 December 2021. By 31 December all but 20 000 shares had paid the amount due. As provided for in its constitution, on 15 January 2022 Elk Ltd decided to forfeit the 20 000 shares on which there is a 50c call outstanding (or in arrears). The 20 000 forfeited shares are re-issued on 15 February as paid to $2 on payment of $1.70 per share. Costs of reissue total $8,000. As provided by the constitution, any surplus after reissue is to be returned to the original shareholders.

Prepare journal entries to record the above transactions

must show any relevant calculations and workings where required