On June 17, 2020, Snows Heating Ltd. offered its employees the opportunity to purchase 250 common shares on a subscription basis. Forty (40) employees decided to accept this offer. On June 17, Snows shares were selling for $45 each. A 40% downpayment was required, with the balance due in four months. On October 17, 2020, the balance of the subscription was received, and the shares were issued. Required : Prepare the journal entries required on June 17 and October 17, 2020.