On August 1, 2019, Kobe Corporation received subscription for 7,000 shares of Ordinary Share Capital, P 100 par value, at P 110 per share. Received 10%down payment and the balance payable in 3 equal installments. The entry to record the subscription default assuming 1,500 shares out of the 7,000 shares were unable to pay the last installment will includeRequired to answer.

DR. Receivable from Highest bidder for P45,000

DR. Receivable from Highest Bidder for P49,500

CR. Subscription Receivable for P45,000

DR. Subscription Receivable for P49,500