Transactions for stock subscriptions. [ Objective 20-10 On May 1, 20X1, TONI Inc. received a subscription from Angel Paz for 700 shares of its $1 par-value common stock at a price of $28 a share. Paz made a payment of $14.00 per share on the stock at the time of the subscription. Give the entries in general journal form to record receipt of the subscription and the cash payment. Prepare entries on June 1, 20X1, to record payment of the balance of Paz's subscription and issuance of the stock