Question 1: Aqun Itd issues a prospectus inviting the public to subscribe for 30 million ordinary shares of $2.00 each The teatre of the issue are that $1.00 is to be paid on application and the remaining $1.00 within one month of allotment. Applications are maceived for 36 millionshanschwing July 2019. The directors allot 30 million shares on 15 August 2019. The shares were allotted on a first come first serve basis. The directors refinded the application money for million shares on 15 August, 2019. The amounts payable on allotment are due by 20 September 2019. By 20 September 2019 the holders of 5 million shares have failed to pay the amounts due on allotment. The directors forfeit the shares on 30 September 2019. The shares are resold on 15 October 2019 as fully paid An amount of S1.90 per share is received The remaining balance of forfeited shares were refunded on 20 October 2019. REQUIRED Provide the joumal entries necessary to account for the above transactions and events