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On January 1, 2018 Unicorn Corporation received authorization to issue 50,000 ordinary shares at a par value of $100 per share. The shares were offered at a subscription price of $125. Subsequently a subscription for a total of 10,000 shares were received from investors requiring a 25% down payment with the balance payable in two installments within six months.
The subscribers paid the first installment on March 31. Subsequently on June 30 all paid in full except for Abbie, a subscriber for 500 shares, who defaulted the company spent $1,375 for advertising and legal expenses for the delinquency sale. Three bidders responded to the announcement. Alex with a bid for 400 shares, Bryan for 350 shares, and Cathy for 300 shares. The highest bidder paid only on July 5 and stock certificates were issued.
Problem 1: Give the journal entries to record all the above transactions.
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