Topic 4: Accounting for equity Light Ltd, a newly registered company, issued a prospectus on 1 January 2018 inviting the public to subscribe for 2 million shares at $6.00 each. The terms of the issue are that $4.00 is to be paid on application and the remaining $2.00 within one month of allotment. The issue was underwritten at a commission of $6,000. Applications closed on 31 January 2018. The share issue was oversubscribed by 100,000 shares. The directors allotted all shares on 15 February 2018 on a pro-rata basis. The surplus application money is used to offset against the amount payable on allotment. On the same date the underwriter was paid with their commission On 15 March 2018 all allotment money is received except for holders of 20,000 shares who had failed to pay the allotment money due. On 15 June 2018 the directors forfeited the shares on which allotment money was unpaid. The shares were resold on 30 June as fully paid for a consideration of $5.20 per share. On the same date share reissue costs of $2,000 were paid. The balance in the forfeited shares account is returned to former shareholders Required: Prepare the journal entries necessary to account for the above transactions and events. Show all relevant dates and brief narrations