Question 3 Share issue [13 Marks} 2orba Ltd was incorporated on 1 July 2019 and issued a prospectus inviting applications for 500,000 ordinary shares at an issue price of $10. ne shares are payable as follows: I$5 payable on application -$2 payable on allotment -$3 payable on call to be made 30th September 2019 I Share issue costs were $1,500 and legal costs were 5500 111e transactions for the period were as follows: 31 August 2019: Applications were received for 550,000 shares. 3 September 2019: Applications for 50,000 were rejected by the directors and the application money was refunded to the shareholders concerned. 4 September 2019: The Company allotted 500,000 shares to the remaining applicants. 25 September 2019: All the allotment money was received. Share issue and legal costs were paid in cash. 30 September 2019: The call was made on the shares, payable by 31 |0ctober 2019. 31 October 2019: Call money was received from the shareholders of only 430,000 shares. 31 December 2019: The remaining 20,000 shares were forfeited. The forfeited shares were offered to an investment company at a price of $3 per share paid to $10 and the transfer was completed on 31 March 2020. The costs of reissue amounted to $1,500. The companyH s constitution states that any forfeited shares must be refunded to the shareholders. 30 April 2020: These shareholders received a refund for the amount owed to them. Required: Prepare the general journal entries [as per template below} in the books of Eorba Ltd to record the above transactions. Provide narrations for all your entries