Gao Limited was organized on January 1, 2017. It is authorized to issue 10,000 8%, HK$1,000 par value preference shares, and 500,000 no-par ordinary shares with a stated value of HK$20 per share. The following share transactions were completed during the first year.

Jan. 10 Issued 100,000 ordinary shares for cash at HK$48 per share.

Mar. 1 Issued 5,000 preference shares for cash at HK$1,050 per share.

Apr. 1 Issued 18,000 ordinary shares for land. The asking price of the land was HK$980,000. The fair value of the land was HK$920,000.

May 1 Issued 80,000 ordinary shares for cash at HK$45 per share.

Aug. 1 Issued 10,000 ordinary shares to attorneys in payment of their bill of HK$320,000 for services provided in helping the company organize.

Sept. 1 Issued 10,000 ordinary shares for cash at HK$50 per share.

Nov. 1 Issued 1,000 preference shares for cash at HK$1,060 per share.

(c) Prepare the share capital section of the statement of financial position at December 31, 2017.