On 1 February 2017, TALOS Ltd was incorporated and a prospectus was issued inviting application for 600 000 shares at an issue price of $3, payable as follows:

$1.5 on application

$1 on allotment

50c on future call/calls to be determined by the directors

By 30 April 2017, applications had been received for 600,000 ordinary shares of which applicants for 100,000 shares paid the full $3 per share, the remainder 500,000 shares paying only the application money.

On 1 May 2017, the directors decided to allot shares in full to applicants who had applied. In accordance with the prospectus, all surplus money on application can be transferred to the Allotment and/ or Call accounts. The issue was underwritten at a commission of $9,500. All outstanding allotment was received by 31 May 2017.

The call for 50c was made on 1 Oct 2017 with money due by 30 Oct 2017. All money was received on the due date except for the holder of 50 000 shares who failed to meet the first call.

On 1 December, the directors decided to forfeit the 50,000 shares. On 10 December 2017, the forfeited shares were reissued as fully paid ordinary shares for a consideration of $2.7 pershare. The balance of the Forfeited Shares account was returned to the former shareholder on 20 December.

Required: Prepare the journal entries to record the transactions of TALOS Ltd up to 30 January 2018. Narrations/Descriptions are NOT required.