Apex Co. was organized on January 1, 2015. It is authorized to issue 60,000 shares of 6%, $100 par value preference shares, and 600,000 shares of ordinary shares with a par value of $1 per share. The following share transactions were completed during the first year. Date Transaction January, 10 Issued 70,000 ordinary shares for cash at $6 per share. March, 1 Issued 10,000 preference shares for cash at $140 per share. April, 1 Issued 40,000 ordinary shares for equipment. The asking price of the equipment was $100,000: the fair value of the equipment was $80,000. May 1, Issued 90,000 ordinary shares for cash at $7 per share August, 1 Issued 30,000 ordinary shares to lawyers in payment of their fees of $70,000 for services in helping the company to organize. Instructions: Prepare the journal entries to record the above transactions