P13-17. [ASPE] Accounting for shares sold on a subscription basis (Medium - 20 minutes) In January 2023, Rita Inc. sells 50,000 no par value common shares for $20 each to the investing public on a subscription basis. Terms of the sale require the investors to pay $11 on contract signing, $5 in July 2023, and the balance in December 2023. The subscription contract provides that Rita Inc. is not required to reimburse investors who default on their contract. In July 2023, investors that subscribed to purchase 40,000 shares make the agreed-upon payment; the remainder default on the contract. In December 2023, investors that subscribed to purchase 35,000 shares make the agreed-upon payment; the remainder default on the contract. Required: Prepare the journal entries required in January 2023, July 2023, and December 2023 assuming that Rita Inc. follows ASPE pertaining to accounting for equity transactions