On 30 September 2019, Jacaranda Ltd issued a prospectus calling for applications for 600000 ordinary shares at an issue price of $3, payable $1.50 on application and $1.50 on allotment. By the closing date of 31 October 2019, the company had received the following application money:

From applicants for 500000 shares

From applicants for 120000 shares

$

750000

360000

On 15 November, it was decided to allot to applicants who paid more than the application money the number of shares applied for, and to applicants who paid only the application money 480000 shares. Application money was refunded to 20 000 unsuccessful applicants.

The constitution gives the directors the power to apply excess application money to allotment. All other allotment money was received by 31 December 2019.

Please provide the journal entries