Now assume for this question only that the company had invited subscriptions for the issue of 9,000 shares at $17 each on May 1, 2016. Subscribers were expected to pay 20% upon application and the balance two months later. The shares were recorded as subscribed shares and all subscribers paid the first instalment. On July 1, subscribers to 720 shares failed to make a payment and the company received the balance from the remaining subscribers. The defaulting subscribers would forfeit their payments on the first instalment. On August 1, the company issued the shares to the remaining subscribers. Required: Prepare the appropriate journal entries required to record a] all the effects of the transactions on May 1, 2016. b] the effects following the transaction for the second instalment on July 1, 2016. These should include the amount received from the paying subscribers for the defaulting subscribers forfeiting their initial payments. c] the issuance of shares on August 1, 2016. d] Now for this section only, assume that the company decided to issue the defaulting subscribers a proportionate number of shares for the payments made by them on the first instalment. i] Prepare the appropriate journal entry required to record this transaction. ii] How many shares would the company issue to the defaulting subscribers