Share Issuance: Lake Simcoe Limited (LSL) has unlimited no-par common shares authorized. The following transactions took place in the first year:

a. To record authorization (memorandum).

b. Issued 120,000 shares at \(\$ 32\); collected cash in full and issued the shares. Share issue costs amounted to \(\$ 71,100\). Treat this amount as a reduction of the common share account.

c. Received subscriptions for 45,000 shares at \(\$ 34\) per share; collected \(70 \%\) of the subscription price. The shares will not be issued until collection of cash in full.

d. Issued 500 shares to a lawyer in payment for legal fees related to trademark registration. The lawyer estimates that the legal services provided would have been worth \(\$ 15,000\).

e. Issued 10,000 shares and assumed an \(\$ 80,000\) mortgage in total payment for a building with a fair value of \(\$ 310,000\).

f. Collected balance on subscriptions receivable in (c).

Required:
Journalize the above transactions.