Crane Ltd$.$ offered to sell common shares on a subscription basis. Each subscription allowed for the purchase of $20$ shares at a price of $$52$ per share. Terms of the subscription stated that subscribers were to pay $45\%$ of the price as a down payment, with the remainder due in six months. On June $1,2023,180$ subscriptions were sold. Six months later, on December $1,$ only $90$ of the subscriptions were fully paid for. According to the subscription contract, the company would retain the down payment on any defaulted subscriptions.

$($a$)$

Prepare the journal entries to record the above transactions. $($List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles. and enter $0$ for the amounts.$)$

Date

Account Titles and Explanation

Debit

Credit

$($To record sale of shares on a subscription basis$)$