Prepare journal entries to record the above transactions (in general journal format). Prepare the equity section of the balance sheet of Grafton Ltd on completion of the transactions Newcastle Ltd was incorporated on 1 July 2016. On 1 August, it was decided to issue 300 000 ordinary shares on the following terms: Application s2 per shares Allotment s1 per shares Call as required s1 per share To the end of August. Applications for 350 000 shares had been received together with the application money due on each share. One applicant for 5000 shares had forwarded $2 0000 in lull payment of the shares. On 15 September, the directors proceeded to allot 300 000 shares on the following basis Applicants for 30 000 shares were refunded their application money in full, 5000 shares were allotted the applicant who paid for the shares in full, and the other successful applicants were allotted the remaining shares, excess application money being transferred to allotment. On 7 October, all allotment money had been received. A first and final call was made on I November, and all call money was received b> 30 November with the exception of the amount due on 6000 shares. Prepare all ledger accounts (T account format) necessary to record the above transactions