On 30 September 2013, Cayenne Ltd issued a prospectus calling for applications for 600 000 ordinary shares at an issue price of $3, payable $1.50 on application and $1.50 on allotment. By the closing date of 31 October 2013, the company had received the following application money: Fromapplicantsfor500000shares$750000 From applicants for 120 000 shares $ 360 000 ,On 15 November, it was decided to allot to applicants who paid more than the application money the number of shares applied for, and to applicants who paid only the application money 480 000 shares. Application money was refunded to unsuccessful applicants. The constitution gives the directors the power to apply excess application money to allotment. All other allotment money was received by 31 December 2013.

Required: Prepare journal entries to record the above transactions.