The company you are working in has, through the Research and Development team come up with a new line of products. The team give the Finance Department the following estimated cost and dates for the launch of the new products.

Copy Rights Fees (1 month) $75 000

New Machinery (2 months) $275 000

Working Capital (6 months) $150 000

Distribution Costs (9 months) $125 000

The shares of the company are currently trading at $12.50 each. Your department aligns the issue of 50 000 shares with the respective times given as follows:

Application (Immediately) $0.50

Allotment (1 month) $1.00

First Call (2 months) $5.50

Second Call (6 months) $3.00

Third Call (9 months) $2.50

Applications for $54 000 shares were received. All additional applications were rejected, and the money returned to applicants. All monies were collected at each call.

Required

Do the double entry to record the above transactions.