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A Limited was registered as a public company limited by shares on 7 July 2016.
On 22 July 2016, a prospectus was issued inviting application for:
– 250,000 10% preference shares at a price of $3 per share payable $1.75 on application and $1.25 on allotment.
– 600,000 ordinary shares at a price of $7 per share payable $3 on application, $1.50 on allotment, $1.30 on call 1 and $1.20 on call 2 as and when required.

Under the prospectus, if there is an oversubscription for either the preference or ordinary shares then the directors can make a pro-rata issue of shares and excess application money can be applied to allotment and calls. There was no minimum number for preference shares, but there was a minimum of 450,000 ordinary shares together with an underwriting agreement for the remaining shares.

On 6 September 2016, the closing date for both 10% preference and ordinary share applications, the following had been received:

– applications had been received for 270,000 10% preference shares: 20,000 shares applied for and paid to $3; and 250,000 shares applied for and paid to $1.75

– applications had been received for 775,000 ordinary shares: 35,000 shares applied for and paid to $7; 150,000 shares applied for and paid to $4.50; and 590,000 shares applied for and paid to $3.

On 9 September 2016, the 10% preference shares and ordinary shares were allotted as follows:
Shares applied for Paid to Shares directors allotted
20,000 preference shares $3.00 20,000
250,000 preference shares $1.75 230,000
35,000 ordinary shares $7.00 35,000
150,000 ordinary shares $4.50 100,000
590,000 ordinary shares $3.00 465,000
All applicants were successful but allotted a lesser number of shares than the number applied for. Excess application money was applied to allotment and future calls.
On 16 September 2016, all outstanding allotment money was received by this date for both 10% preference shares and ordinary shares.

On 19 September 2016, share issue costs for the preference and ordinary shares issued, including underwriting fee, totalled $42,000 and were paid on this date.

On 7 May 2017, the directors made call 1 on the ordinary shares.

On 8 June 2017, all required call 1 money was received with the exception of call on 15,000 shares. The shares were forfeited on 15 June 2017. The company’s constitution provides

that forfeited shares are not to be reissued, nor is any refund to be made to the former shareholders.

Need journal entries to record the above transactions.