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Part A: (16 marks) On 16 March 2018, Spruce Ltd was incorporated and a prospectus was issued inviting application for 90,000 shares at an issue price of $1.5, payable as follows: $1 on application 20c on allotment 30c on final call By 16 May 2018, applications had been received for 96,000 ordinary shares of which applicants for 30,000 shares forwarded the full $1.5 per share, the remainder 66,000 shares paying only the application money On 1 June 2018, the directors decided allot shares in full to applicants who had paid the full amount and proportionally to all remaining applicants. In accordance with the prospectus, all surplus money on application can be transferred to the Allotment and Call accounts. The issue was underwritten at a commission of $5,500 which was paid on 1 June 2018. All outstanding allotment was received by 30 June 2018 The final call was made on 11 November 2018 with money due by 30 November 2018. All outstanding call monies except a parcel of 5,000 shares were received by 30 November 2018. On 1 December 2018, the directors decided to forfeit the 5,000 shares. On 5 December 2018, the forfeited shares were reissued as fully paid ordinary shares for a consideration of $1.1 per share. Costs of forfeited and reissue amounted to $700 The balance related to forfeited shares was refunded to the former shareholders on 30 December 2018. Required: Prepare journal entries to record all of the above events from the 16 March 2018 to 30 December 2018 Descriptions/Narrations are NOT required. Part B: (2 marks) If a share issue is oversubscribed, what action can be taken in relation to excess money received on application