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Windsor Ltd$.$ showed the following information on its September $30,2024$ year$-$end financial statements:

Preferred Shares, $$8$ cumulative, $500,000$ shares authorized,

$184,000$ shares issued and outstanding

$$2,576,000$

Common Shares, no par value, unlimited shares authorized,

$579,000$ shares issued and outstanding

$$5,211,000$

The following transactions occurred, in the order given, during $2025$:

$($a$)$ October $10,2024$: Received subscriptions and down payments for $88,000$ common shares at $$10$ per share. The subscription

contract calls for $40\%$ of the subscription to be paid upon receipt, and the remaining $60\%$ to be paid on November $30,2024.$

In the event of default on the subscriptions, the company will retain the down payment.

$($b$)$ November $30,2024$: Received payment for $83,500$ of the subscribed shares; the remaining $4,500$ defaulted. Issued the share

certificates for the appropriate number of shares.

$($c$)$ January $1,2025$: Issued $9,700$ preferred shares at $$40$ per share.

$($d$)$ April $5,2025$: Repurchased and cancelled $20,900$ common shares at a cost of $$8$ per share.

$($e$)$ August $15,2025$: Declared dividends for preferred shares $($dividends had not been paid the previous year$).$ Also declared $$3$

per share dividend for common shares. Both dividends are to be paid on October $1$ to shareholders of record on September

$30,2025.$

$($f$)$ If the preferred shares had a $$30$ par value, what journal entry would be required for the January $1,2025$ transaction in part

$($c$)?$

Windsor Ltd$.$ showed the following information on its September $30,2024$ year$-$end financial statements:

Preferred Shares, $$8$ cumulative, $500,000$ shares authorized,

$184,000$ shares issued and outstanding

$$2,576,000$

Common Shares, no par value, unlimited shares authorized,

$579,000$ shares issued and outstanding

$$5,211,000$

The following transactions occurred, in the order given, during $2025$:

$($a$)$ October $10,2024$: Received subscriptions and down payments for $88,000$ common shares at $$10$ per share. The subscription

contract calls for $40\%$ of the subscription to be paid upon receipt, and the remaining $60\%$ to be paid on November $30,2024.$

In the event of default on the subscriptions, the company will retain the down payment.

$($b$)$ November $30,2024$: Received payment for $83,500$ of the subscribed shares; the remaining $4,500$ defaulted. Issued the share

certificates for the appropriate number of shares.

$($c$)$ January $1,2025$: Issued $9,700$ preferred shares at $$40$ per share.

$($d$)$ April $5,2025$: Repurchased and cancelled $20,900$ common shares at a cost of $$8$ per share.

$($e$)$ August $15,2025$: Declared dividends for preferred shares $($dividends had not been paid the previous year$).$ Also declared $$3$

per share dividend for common shares. Both dividends are to be paid on October $1$ to shareholders of record on September

$30,2025.$

$($f$)$ If the preferred shares had a $$30$ par value, what journal entry would be required for the January $1,2025$ transaction in part

$($c$)?($a$)$ Share Subscriptions Receivable

$($To record sale of shares on a subscription basis$)$

Share Subscriptions Receivable

$($To record collection of down payment$)$

$($b$)$

Preferred Shares

$($Collection of share subscriptions receivable$)$

$($To record forfeit of payment from defaulting subscribers$)$

$($To record issuance of shares$)$

$($c$)$

$388000$

Preferred Shares

$($d$)$

$($e$)$

Dividends

$($To record dividend declaration for preferred shares$)$

$($To record dividend declaration for common shares$)$

$($To record payment of dividends$)$

$($f$)$