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GFA Ltd. allowed its employees to purchase common shares from the company under a share subscription agreement. The agreement allows each employee to buy 100
GFA Ltd. allowed its employees to purchase common shares from the company under a share subscription agreement. The agreement allows each employee to buy 100 common shares at a price of $12 each by paying two instalments of $600 each. Three hundred employees signed this agreement and 100% of these employees paid the first instalment but only 90% paid the second instalment. The subscription agreement states that if an employee does not pay both instalments, the company can keep the first instalment and not issue any shares to the employee. In the blank boxes below, please provide the amounts asked for in each of the following questions in this order (when entering amounts please do not use commas, negative signs, dollar signs or cents). Blank 1: The total increase to the common share account after the company records all transactions pertaining to this subscription agreement. Blank 2: The amount of the subscription receivable that the company did not collect from subscribers. Blank # 1 Blank # 2
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