On 1 July 2016, Denman Ltd issued a prospectus offering 160 000 of its ordinary shares, payable $1

on application, $1 on allotment and $2 to be called as and when required. When applications closed on 23 July, applications had been received for 240 000 shares, including one applicant for 20 000 shares who had paid in full. The directors allotted the shares on 24 July as follows:

1.  The applicant for 20 000 shares, who paid in full, was allotted 20 000 shares.

2.  Applications for 20 000 shares were rejected and the application money was refunded.

3.  The remaining applicants were allotted 7 shares for every 10 applied for. The excess application  money on these shares was to be applied in part payment of allotment money. All allotment money was received by 7 August.

Required

Prepare journal entries in general journal format to record the share issue.