what would be the correct journal entry?

Issue 7 To attract more share ownership by employees, so on September 1, 20x1, the company entered into a subscription agreement allowing employees to buy 1,200,000 common shares at $8 each payable in four equal instalments of $2 per share. Each instalment was due at the end of September, October, November and December. For the first and second instalments, the company received $2,400,000 but for the third and fourth instalments, the company received $2,200,000 and $2,000,000 respectively. The company can keep any partially paid instalments. Although the company's lawyer issued the proper number of shares at the closing of the agreement on December 31, 20X1, the accountant recorded: 9,000,000 Cash Payable to share subscribers 9,000,000