QUESTION 7 Your boss leaves a pile of papers on your desk with the note, "I don't think we accounted for this share issue yet?". You look through the papers and find the following information The intention is for the issuance of 200,000 shares at $60 per share. June 1520 Application July 1 Issuance and call for remainder. We received applications for 400,000 shares, double our expectations and allowance. The Board of Directors has decided the following Applicants for 50,000 shares receive the full allotment Applicants for 300,000 shares receive one share for every two shares applied for on pro-rata basis Reject applications for 50,000 shares Advertising fees were $12,000, accounting fees $4,000 and legal expenses $5,000, relating to the share issue. Required: Prepare the required journal entries necessary to account for the share issue. Narrations are not required. 17 marke