answer please

Torque Mining Ltd issued a prospectus on 1 January 2021 inviting applications for up to 200000 ordinary shares at an issue price of $5 each. The prospectus specified that $3 was payable on application with the balance payable on allotment. The company received applications for a total of 270000 shares throughout the month of January. The directors refunded the money in relation to unsuccessful applications. 200000 shares were issued on 31 January. Required: Prepare the journal entries required to account for the issue of shares, include appropriate narrations in your response