Problem 5 Baker Golf Inc. sells 20,000 common shares for $8.00 each on a subscription basis. Terms of the sale require the purchaser to pay $3.00 per share when the contract is signed and the balance in three months time. Those that default do not receive any refund of their denosit, or shares. Required: Prepare the journal entries (omit explanations) for: September 30, 2018: signing the contract and the initial payment of $60,000 December 31, 2018: remaining payment is made of $5 on 15,000 of the shares, the paid up 15,000 shares are issued and the 5,000 share deposits are forfeited sop 20.2018 Problem 5 Baker Golf Inc. sells 20,000 common shares for $8.00 each on a subscription basis. Terms of the sale require the purchaser to pay $3.00 per share when the contract is signed and the balance in three months time. Those that default do not receive any refund of their denosit, or shares. Required: Prepare the journal entries (omit explanations) for: September 30, 2018: signing the contract and the initial payment of $60,000 December 31, 2018: remaining payment is made of $5 on 15,000 of the shares, the paid up 15,000 shares are issued and the 5,000 share deposits are forfeited sop 20.2018