On 1 July 2019, XYZ Ltd issued a prospectus inviting applications for 100000 ordinary shares, at an issue price of $2, payable in full on application. By 1 September, applications were received for 150000 shares with $2 paid per share. On 6 September, the directors allotted 100000 shares. Refunds were made to applicants for 50000 shares. Share issue costs of $1 000 were also paid on the same date.

Required

Prepare journal entries to record the above transactions.