Anthony Ltd received a large contract from the government and intended to issue 10 million shares to finance the project.
Anthony Ltd issued a prospectus stating that the shares are to be issued at $1.00 per share payable in three installments. The closing date for applications is 31 July 2019. The first payment of $0.40 is to be made on application followed by another amount of $0.40 on allotment of the shares. The first and final call of the balance of $0.20 will be made within three months of the shares being allotted and is to be received within one month of the call.
By the closing date, applications have been received for 14 million shares. To deal with the over subscription, Anthony Ltd decided to issue shares to all subscribers on a pro rata basis.
The shares were allotted on 15 August 2019 and all amounts due on allotment are paid by the due date of 30 September 2019.
The first and final call for $0.20 is made on 30 November 2019, with the amounts due by 31 December 2019. Holders of two million shares failed to pay the amount due on the call by the due date, and on 15 January 2020 these holders had their shares forfeited. The forfeited shares were reissued as fully paid shares on 15 February 2020 for $0.70. The cost of the reissue of forfeited shares was $5 000 and the balance in the forfeited shares reserve was returned to the holders of the forfeited shares.
Record the accounting journal entries in Anthony Ltd to account for the above transactions and events. Please show all workings.

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