weele to Question 1 Polard Ltd issues a prospectus inviting the public to subscribe for 60 million ordinary shares of $3.00 each. The terms of the issue are that $2.00 is to be paid on application and the remaining $1.00 within one month of allotment Applications are received for 72 million shares during August 2018. The directors allot 60 million shares on 15 September 2018. All applicants receive shares on a pro rata basis. The amounts payable on allotment are due by 15 October 2018 By 15 October 2018 the holders of 12 million shares have failed to pay the amounts due on allotment. The directors forfeit the shares on 30 October 2018. The shares are resold on 15 November 2018 as fully paid. An amount of $3.00 per share is received. The balance of forfeited shares were refunded on 30 November 2018. TA Required Provide the journal entries necessary to account for the above transactions and events