Gao Corporation was organized on January 1, 2014. It is authorized to issue 10,800 8%, HK$1,002 par value preference shares, and 540,700 no-par of ordinary shares with a stated value of HK$27 per share. The following share transactions were completed during the first year.

s authorized to issue 10,800 8%, HKs1,002 par value preference shares, and 540,700 no-par of crdinary shares with a stated value of HK$27 per share. The Gao Corporation was organized on January 1, 2014 following share transactions were completed during the first year. Jan. 10 Issued 105,000 of ordinary shares for cash at HK$68 per share Mar. 1 Issued 5,900 preference shares for cash at HK$1,076 per share. Apr. 1 Issued 17,200 ordinary shares for land. The asking price of the land was HK$1,020,000, The fair value of the land was HK$928,000, May 1 Issued 80,900 ordinary shares for cash at HK$41 per share. Aug. 1 Issued 11,400 ordinary shares to attorneys in payment of their bill of HK$367,000 for services provided in helping the company organize. Sept. 1 Issued 11,400 ordinary shares for cash at HKS45 per share. Nov. 1 Issued 2,580 preference shares for cash at HKsi,095 per share Question 7 Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 10 ash Eare Capita ordinary 28.35.000 Mar. 1 435.600 hare Premium-Preferen Apr. 1 Shore Capital-oudinan May 1 Capital-ordinary hare Premium Ordin Aug Sept. 1 Eash Eare Capital-ordinary ov. 1 Premium-Pretenenl Attempts: 0 of 3 used