. On 1 July 2020, New Angelia Ltd was incorporated, and on 4 July a prospectus was issued inviting applications for 80,000 shares for $10 each, payable by instalment as follows: $4.50 on application, $3.50 on allotment, Call of $2.00 is to be made as and when required. By 31 July, applications were received for 85,000 shares. On 2 August, the directors allotted 80,000 shares to the successful applicants. Applications for 5,000 shares were rejected and the application money was refunded. The balance of allotment money was received by 11 August. The underwriting cost of this share issue is $10,000. Required Prepare journal entries to record the above transactions. Exclude journal narrations