[29] Vehicles Of The Future [OF] issues 26,000 shares of its no-par common shares on April 1, 2020 in exchange for property with a market value of $520,000. The common shares of the company were being traded at $9.50 each on that day. The journal entry required to record the issuance of the shares would be Select one: a. DR Common Shares Receivable, $520,000; CR Common Share Capital, $247,000; CR Gain On Issue Of Shares, $273,000 b. DR Common Shares Receivable, $520,000; CR Common Share Capital, $247,000; CR Contributed Surplus - Common Shares, $273,000 DR Property, $247,000; DR Loss on Property, $273,000; CR Common Share Capital, $520,000 O d. DR Property, $520,000; CR Common Share Capital, $247,000; CR Common Share Revenues, $273,000 C. e. none of the above entries. Clear my choice USE THE GIVEN INFORMATION TO ANSWER QUESTIONS 30 - 32 AS STATED BELOW. VOF is authorized to issue 32,000 no par value common shares. Subscribers agree to purchase shares at $12 per share with a 25% down payment and two equal future installments. Subscribers agree to purchase 6,000 shares on April 1, 2019, and make the required down payment. [30] The journal entry to record the subscriptions would be Select one: a. DR Share Subscriptions Receivable, $54,000; DR Cash, $18,000; CR Common Shares Subscribed, $72,000 O b. DR Share Subscriptions Receivable, $54,000; DR Cash, $18,000; CR Common Shares Capital, $72,000 C. DR Cash Receivable, $72,000; CR Common Shares Capital, $72,000 d. DR Share Subscriptions Receivable, $72,000; CR Common Shares Subscribed, $72,000 e. none of the above entries. Clear my choice [31] Use the information given above. On August 1, 2019, VOF now decides to call for the second installment. A subscriber with 450 shares subscribed, failed to pay this installment. The remaining subscribers paid the amounts due. The defaulting subscribers forfeited their prior contributions. The entry to record this transaction would be Select one: a. DR Cash, $24,975; CR Share Subscriptions Receivable, $24,975 b. DR Cash, $24,975; DR Loss on Subscriptions, $4,050; CR Share Subscriptions Receivable, $29,025 C. DR Cash, $24,975; DR Contributed Surplus - Subscriptions, $4,050; CR Share Subscriptions Receivable, $29,025 d. DR Cash, $24,975; DR Common Shares Subscribed, $5,400; CR Share Subscriptions Receivable, $29,025; CR Contributed Surplus - Forfeiture, $1,350 e. none of the above entries. [32] Continue with the information given in [30] and [31] above. On December 1, 2019, VOF now decides to call for the final instalment. The remaining subscribers, who were in good standing, paid the amounts due. Thereafter on December 15, 2019, VOF issues the common shares due to the remaining subscribers. The entry to record only this share issue would be Select one: a. DR Common Shares Subscribed, $66,600; CR Share Subscriptions Receivable, $66,600 b. DR Share Subscriptions Receivable, $66,600; CR Common Share Capital, $66,600 C. DR Common Shares Subscribed, $384,000; CR Common Share Capital, $384,000 d. DR Share Subscriptions Receivable, $66,600; CR Common Share Capital, $66,600 e. DR Common Shares Subscribed, $66,600; CR Common Share Capital, $66,600 Clear my choice