Novek Corporation has shareholder equity on december 31, 2022

Common shares, 1,260,000 shares authorized, issued and outstanding: $7,560,000

contributed surplus (Common Shares): $75,000

Rained earnings: $11,500,000

Total share equity: $19,135,000

The following transactions occurred, in the order given, during 2023:

a. 1,230 subscriptions were sold for common shares. Each subscription entitled the purchaser to purchase 10 shares in the company the subscription contracts, a payment of $20 per subscription was required at the time the subscriptions were sold.

b. As per the subscription contracts, the second payment was for the balance of the subscription price. Of the 1,230 subscribers, 210 defaulted and did not this second payment.

c. The subscription contracts specify that, in the event of default, the first payment will not be refunded to defaulting subscribers. Also at this time common share are issued subscribers that have fully paid on the contract

d. Novak repurchased and cancelled 68,000 common shares at a cost of $4 per share.

e. A cash dividend of $0.80 per share was declared. The date of record was after all of the events above.

Prepare the journal entries to record the above transactions for Novak Corporation for 2023.