Flowers Inc. $($FL$)$ reported the following in shareholders' equity at the end of $206$ :The company signed an agreement with Containers Ltd$.($CL$)$ in early $20$X$7,$ wherein CL agreed to purchase $309,600$ common shares for $$1,266,400.$ CL paid $$36,400$ on signing the contract, and agreed to pay $$307,500$ per year in each of the following four years. No shares were to be issued until all money was paid.

Required:

Journalize the share subscription agreement, and the initial payment. Then, calculaterne balances in all equity accounts, reflecting the entries. Subscriptions receivable is a contra account in equity. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round intermediate and final answers to nearest dollar amount.$)$

Journal entry worksheet

$1$

Record the share subscription agreement and the initial payment.