Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the first year:

Holimont Ltd. (HL) has unlimited nopar common shares authorized. The following transactions took place in the rst year: a. To record authorization ofshares by board ofdirectors (memorandum). b. Issued 200,000 shares at $20; collected cash in full and issued the shares. Share issue costs amounted to $67,000. Treat this amount as a reduction ofthe common share account. c. Received subscriptions for 100,000 shares at $30 per share; collected 70% of the subscription price. The shares will not be issued until collection of cash in full. (I. Issued 400 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 $12 000. e. Issued 40. 000 shares and assumed an $120, 000 mortgage in total payment for a building with a fair value of $240 000. f. Collected balance on subscriptions receivable in (c). Required: 1. Journalize the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 Record the authorization of shares Note: Enter debits before credits. Transaction General Journal Debit Credit a Record entry Clear entry View general journalRequired: 1. Journalize the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list X 1 Record the authorization of shares 2 Record the issue of shares. 3 Record share issue costs. 4 Record receipt of subscription. 5 Record payment of legal fee by issuing shares. Credit 6 Record the acquistion of building by issue of shares and acceptance of mortgage. 7 Record collection of balance subscription. 8 Record the entry for issuance of shares. Note : = journal entry has been entered Record entry Clear entry View general journal