On 1 January 20X5 210,000 shares of ABC Corp. are subscribed by Lucas Mapplebeck for $50 per share. The shares will be paid for in four equal instalments due every six months. The first instalment is due 1 July 20X5. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Required: 1. Assume all payments are made. Provide all journal entries for the subscription shares.

• Record the entry for the subscription of shares
• Record the entry for the collection 1
• Record the entry for the collection 2.
• Record the entry for the collection 3
• Record the entry for the collection 4
• Record the entry for the issuance of shares

2. Assume Lucas Mapplebeck defaults on the last payment. Pro-rata shares are issued by ABC. Provide the journal entries for 1 July 20X7.

Record the entry for the transfer of shares subscribed to the common share account.

Record the entry for the reversal of balance of commitment.

3. Assume Lucas Mapplebeck defaults on the last payment. All payments made are returned by ABC. Provide the journal entries for 1 July 20X7.

• Record the entry for cash payment.
• Record the entry for reversal of commitment