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On 1 July 2018, XYZ Ltd issued a prospectus inviting applications for 100000 ordinary shares, at an issue price of $5, payable $4 on application

On 1 July 2018, XYZ Ltd issued a prospectus inviting applications for 100000 ordinary shares, at an issue price of $5, payable $4 on application and $1 on future call(s), dates to be determined by the directors. By 1 September, applications were received for 110000 shares with $4 paid per share. On 6 September, the directors allotted 100000 shares proportionally to all the applicants. Application fees on the remaining 20 000 shares were retained as an advance on future calls as some shareholders received fewer shares than they had applied for. Share issue costs of $2 000 were also paid on the same date. On 1 February 2019, a first and final call for $1 was made. All of the call money was received by 1 March 2019.

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Prepare journal entries to record the above transactions.

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