Flowers Inc. (FL) reported the following in shareholders' equity at the end of 20x6: Common shares, no-par value; authorized, unlimited shares; issued, 356,00 shares Retained earnings $2,100,400 4,420,000 $6,520,400 The company signed an agreement with Containers Ltd. (CL) in early 20X7, wherein CL agreed to purchase 284,800 common shares for $1,166,200.CL paid $36,200 on signing the contract, and agreed to pay $282,500 per year in each of the following four years. No shares were to be issued until all money was pald. Required: 1. Journalize the share subscription agreement, and the initial payment. Then, calculate the balances in all equity accounts, reflecting the entries. Subscriptions recelvable 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.) View transaction list Journal entry worksheet Record the share subscription agreement and the initial payment. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal 3. In each of the three cases described below, journalize all transactions. Calculate the balances in all equity accounts, reflecting the entries. a. CL makes all payments on schedule and shares are issued after the final payment. (If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld.) View transaction list Journal entry worksheet Record the cash collection entry. Note: Enter debits before credits. Transaction General Journal Debit Credit b(1) Record entry Clear entry View general journal C.CL makes the initial payment and the first annual payment and then cancels the agreement with the permission of FL. FL issues shares for the cash paid to date. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet