Macintosh Co. is authorized to issue 800,000 "no par value" common shares. To subscribe to common shares, investors may purchase shares at $6 per share by down paying 30% up front, with the 70% remaining after 6 months. To record the issuance of shares upon receipt of the final payment, the entry would include the following:

credit to Common Shares for $3,360,000.

debit to Subscriptions Receivable for $4,800,000

debit to Common Shares Subscribed for $4,800,000.

credit to Common Shares for $1,440,000.