Flowers Inc. (FL) reported the following in shareholders' equity at the end of 20x6:
Common shares, no-par value; authorized, unlimited shares; issued,
356,00 shares $2,100,400 4,420,000
Retained earnings $6,520,400
The company signed an agreement with Containers Ltd. (CL) in early 20X7, wherein CL agreed to purchase 284,800 common shares for $1,166,200.CL paid $36,200 on signing the contract, and agreed to pay $282,500 per year in each of the following four years. No shares were to be issued until all money was pald. Required: 1. Journalize the share subscription agreement, and the initial payment. Then, calculate the balances in all equity accounts, reflecting the entries. Subscriptions recelvable is a contra account In equity. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. Round Intermediate and final answers to nearest dollar amount.)