There was 4,000 common stock, $1 par, shares sold at $45/share= $180,000 sold on subscription no cash recieved initially. Then pymnt recieved in full for half of the stock subscriptions and payments on account on the rest of the subscriptions. Total cash recieved was $140,000. Shares of stock were issued for the subscriptions paid in full.

I believe i have figured out the journal entries for those two transactions. The last bit is that the company recieved notice from holders of stock subscriptions for 800 shares that they would not pay farther on the subscriptions because the price of stock had fallen to $25/share. The amount still due on those contracts was $30,000 [I thought it should be $40,000 but the book says $30,000]. Amnt previously paid on the contracts are forfeited according ot the agreements.

How do I journal the last part? :confused: