ABC Corporation's charter authorized $120,000$ shares of common stock, par $$10.$ During the first year, $25,000$ shares were sold and issued at $$18$ per share; in addition, $800$ shares were subscribed for at the same price. One half of the subscription price was collected during the year. At the end of the first year, reported net income was $$22,000$ and cash dividends of $$6,000$ were declared and paid. At year$-$end, liabilities amounted to $$25,000.$ On the last day of the year, $100$ shares of stock were purchased from a disgruntled stockholder at $$22$ per share $($assume the cost method$).$

Record the following transactions which occurred during the following year.

A subscriber to $50$ shares defaulted. The subscriber guaranteed the subscription price. The company sold the stock to another investor for $$16$ per share.

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