$In20X4,L$ Concept entered into $an$ agreement with $J$ Trax whereby $J$ Trax agreed $to$ purchase common shares from $L$ Concept. Details $of$ the transaction are $as$ follows:

$$419,900$ will $be$ paid $inin$ order $to$ acquire $28,110$ shares

$5\%of$ the total contract $is$ due immediately, the remaining balance will $be$ due $in3$ instalments $as$ follows:

$30$ June $20X4$: $30\%$

$31$ December $20X4$: $30\%$

$30$ June $20X5$: $35\%$

$No$ shares will $be$ issued until all money has been paid $byJ$ Trax.

Balance $31$ December $20X3$

Common shares $(no-$par value, unlimited authorized, $181,100$ issued and outstanding$)$ $$2,161,150$

Retained earnings $$868,707$

Required:

$1.$ Journalize the share subscription agreement $in20X4$ and $20X5$ assuming that $J$ Trax makes all payments $on$ schedule and the shares are issued. $(Ifno$ entry $is$ required for a transactio$\frac{n}{e}$vent, select $"No$ journal entry required" $in$ the first account field.$)$

$2.$ Journalize the share subscription agreement $in20X4$ assuming that $J$ Trax only makes the initial deposit and $30$ June $20X4$ payment and then cancels the agreement. Assume $no$ shares are issued. $(Ifno$ entry $is$ required for a transactio$\frac{n}{e}$vent, select $"No$ journal entry required" $in$ the first account field.$)$

$3.$ Journalize the share subscription agreement $in20X4$ assuming that $J$ Trax makes all the $20X4$ payments, and then $L$ Concept issues $an$ equivalent number $of$ shares. $(Ifno$ entry $is$ required for a transactio$\frac{n}{e}$vent, select $"No$ journal entry required" $in$ the first account field.$)$

$4.$ Calculate the balance $of$ the equity accounts for each scenario.