Whispering Corporation had the following shareholders' equity on December 31, 2019: Common shares, 1,100,000 shares authorized, issued and outstanding Contributed surplus (Common Shares) Retained earnings Total shareholders' equity $6,600,000 86,000 11,500,000 $18,186,000 The following transactions occurred, in the order given, during 2020: (a) (b) (c) (d) (e) 1,310 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 subscriptions contracts, a payment of $18 per subscription was required at the time the subscriptions were sold. As per the subscription contracts, the second payment was for the balance of the subscription price. Of the 1,310 subscribers, 200 defaulted and did not make this second payment. The subscription contracts specify that, in the event of default, the first payment will not be refunded to defaulting subscribers. Also at this time, common shares are issued to subscribers that have fully paid on the contract. Whispering repurchased and cancelled 66,000 common shares at a cost of $4 per share. A cash dividend of $0.50 per share was declared. The date of record was after all of the events above. Prepare the journal entries to record the above transactions for Whispering Corporation for 2020. (Round average share price to 2 decimal places for your calculations, e.g. 52.75 and final answer to O decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Accounts Titles and Explanation (a) (To record sale of shares on a subscription basis) Debit Credit (b) (To record collection of down payment) (c) (d) (e) (To record forfeit of payment from defaulting subscribers) (To record issuance of shares)