On June 01, 2021, ACME Incorporated sold 10,000 common shares on a subscription basis at $50 per share. A down payment of 50% per subscription is required with the remainder due within six months. On December 01, 2021, 8,000 subscriptions were fully paid and the balance defaulted. Company policy is to return the down payment on defaulted subscriptions to the subscriber. Assume that ACME follows ASPE, and incurred transaction costs of $0.50 per share to issue the shares. Required: 1. Prepare the required journal entries for the above transactions and show calculations to support your work. Round interim calculations to four decimals and final answers to the nearest dollar. (11 marks) 2. How would the receivable be classified on the statement of financial position? (1 mark) 3. How would your answer change if ACME followed IFRS? (1 mark)