Please answer in proper format with all working clearly Every entry should have narration please Question 1 (12 points) Part 1 (9 marks) Sally Lid is listed on the Australian Securities Exchange. It makes a public offer of shares on 1 July 2023 it receives $500 000 from people wanting to acquire shares. On 14 July 2023 the company allots 1 million share for a price of 1.00 as partly paid to $0.50 per share. The call for the balance of the share price $0.50 is made on the same date. By 1 December 2023 the holders of 900 000 shares have made the payment that is due on the call. The directors decide to forfeit the remaining 100 000 shares. The shares are reissued 14 December 2023 as fully paid. The company receives $0.70 per share when the shares are reissued. The cost of conducting the sale amount to $500. The surplus amounts are returned to the original shareholders after payment of all of the expenses associated with reissuing the shares. Required Provide the journal entries necessary to account for the call, forfeiture and subsequent reissue of Sally Lid's shares