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Mediterranean homes Ltd makes a public offer of its shares to extend its operations in sydney. Its prospectus notes that the shares are to be issued at $1.50 per share. The shares are to paid on three instalments. The rst payment to be made on the application is $0.50 .the second amount 50.50 will be due within one month of allotment and the third amount 50.30 will be due within one month of the rst and final call. Mediterranean home Ltd will seek to issue 15 million shares. The closing date for applications is 31 August 2021 . by the closing date ,applications have been received for 21 million shares. To deal with the oversubscription ,Mediterranean home has decided to issue shares to all subscribers on a pro-data basis. All amount due on the allotment are paid by the dur date. The first and nal call for $0.60 was made on 30 November 2021, with the amount being due by 31 December 2021. Holders of 3 million shares fail to pay the amount due on the call by the due date and on 15 January 2022 , these holders have their shares forfeited. The forfeited shares are auctioned on 15 February 2022. An amount of $1.50 per share is received. The cost of holding the auction is $7,500. The shares are sold as fully paid. Req u ired Provide the accounting journal entries necessary to account for the transactions and events