Tutorial4- Sharcholders Eauity-Extension Oucstion Required: Record the journal entries for each of the following transactions. Post the journal entries to ledger accounts. I. On February 1, Matt's Company invited applications for 20,000 company shares. The shares were to be issued at $50 per share, payable $20 on application, $25 on allotment and the remaining SS at call. By February 25, applications for 22,000 shares had been received. On March 5, the directors of Matt's company resolved to allot the shares, with excess monies returned to unsuccessful applicants 2. 3. On March 31, allotment monies were received in full 4. On April 25 directors make a call on shareholders for the remaining funds. 5. On May 30 Calls are received from all shareholders except one, the holder of a parcel of 7000 shares. The directors forfeit the shares. On June 30 Matt's company reissues the forfeited shares for $50 per share, requiring payment of $47 per share, with the remainder funded from the forfeited shares reserve and the monies are received in full. On July 30 the remaining funds are refunded to the original applicant of the forfeited shares. 6. 7