Medium Problem 8-4. Subscriptions in Default On July 1, 2014, the Big Marketing Company was granted a charter authorizing it to issue 100,000 shares of P40 par value ordinary shares. During the next several months the corporation completed the following capital stock transactions: July 5 Received subscriptions for 6,000 shares of ordinary shares at par value from various subscribers. The subscribers paid one third of the subscription price as a down payment, agreeing to pay the balance in two equal monthly installments. 25 Received additional subscriptions from Rukia for 1,000 shares of ordinary sharesa P44 per share with full payment due in two months. 224