On 1 January 20X5 100,000 shares of ABC Corp. are subscribed by Lucas Mapplebeck for $50 per share. The shares will be paid for in four equal instalments due every six months. The first instalment is due 1 July 20X5.

Required:
1. Assume all payments are made. Provide all journal entries for the subscription shares.
2. Assume Lucas Mapple beck defaults on the last payment. Pro-rata shares are issued by ABC.
3. Assume Lucas Mapple beck defaults on the last payment. All payments made are returned by ABC.