The forfeited shares were placed with a financial institution and paid to $10 on a payment of $8.60. The cash was received from the financial institution, and any balance in the forfeited shares account was returned to the former shareholders. Reissue costs amounted to $5,000.

  provide journal entries of the share issue process as examples in your explanations. Plus solve according to australian accounting standards and i have to give advice to my customer ( statement of advice).