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Question - Corona Ltd announced all shares on which the call of $1/share due for payment on 1 September 2020, remains unpaid, will be sold by public auction on 1 November 2020.
- 500 000 shares were forfeited
- the forfeited shares were all paid to $1.50 per share
- all the shares were sold at the auction for $2.20 per share and will be credited to $2.50
- costs of forfeiture and reissue amounted to $5000
- the balance of the Forfeited Shares account will be refunded to the former shareholders.
Required -
1. Prepare journal entries to record the forfeiture and reissue above.
2. Discuss the benefits to a company from forfeiting and reissuing shares.
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