Question 3 Accounting for Share Capital (15 marks) Tewantin Ltd makes an offer to the public for investors to subscribe for 10 million shares. The shares are is at $3.00 per share. Applications for shares close on 15 July 2019, with $2.00 being paid on application and further $1.00 being payable within one month of allotment. By 15 July 2019 applications have been received for 12 million shares, and it is decided that all subscribers receive shares on a pro rata basis, with any excess paid on application to be offset against the amount due allotment. The shares are allotted on 20 July 2019. Subsequently, holders of 2 million shares fail to make their payments due on allotment by 20 August 2019. 31 August the 2 million shares are forfeited and auctioned as fully paid. An amount of $2.50 is received for share sold. REQUIRED: 1. When shares are issued, accounts such as the trust, application, allotment and call accounts are used. Describe, respectively, whether these accounts are assets or liabilities (or neither) (2 marks) 2. Provide the accounting journal entries necessary to account for the transactions and events above. (13 M