Question 5 of 8 115 (a) (Torecord sale of shares on a subscription basis) (To record collection of down payment) (b) (c) (To record forfeit of payment from defaulting subscribers). Novak Corporation had the following shareholders' equity on December 31,2022 . The following transactions occurred, in the order given, during 2023: (a) 1.230 subscriptions were sold for common shares. Each subscription entitled the purchaser to purchase 10 shares in the company at a price of $8 per share. According to the subscription contracts, a payment of $20 per subscription was required at the time the subscriptions were sold. (b) As per the subscription contracts, the second payment was for the batance of the subscription price. Of the 1,230 subscribers, 210 defaulted and did not make this second payment. (c) The subscription contracts specify that, in the event of default, the furst payment will not be refunded to defaulting subscribers. Alsa, at this time, common shares are issued to subscribers that have fully paid on the contract. (d) Novak repurchased and cancelled 68.000 common shares at a cost of $4 per share. (e) A cash dividend of $0.80 per share was declared. The date of record was after all of the events above. Question 5 of 8 115; (To record forfeit of payment from defaulting subscribers) (To record issuance of shares) (d) (e) eTextbook and Media