On 1 January 2021, Pine Ltd issued a prospectus inviting applications for 600,000 ordinary shares, at an issue price of $4, payable $2 on application, $1 on allotment, and $1 on future call(s), dates to be determined by the directors.

By 1 March, applications were received for 620,000 shares with $2 paid per share.

On 6 March, the directors allotted 600,000 shares. Refunds were made to applicants for 20,000 shares. Share issue costs of $10,000 were also paid on the same date.

All of the allotment money was received by 1 May.

On 1 June, a first and final call for $1 was made. All of the call money was received by 1 July 2021.

Required

Prepare the journal entries to record the transactions of Pine Ltd for the events outlined above. Narrations are not required.