Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the first year: To record authorization of shares by board of directors (memorandum). Issued 80,000 shares at $70; collected cash in full and issued the shares. Share issue costs amounted to $57,000. Treat this amount as a reduction of the common share account. Received subscriptions for 40,000 shares at $80 per share; collected 60% of the subscription price. The shares will not be issued until collection of cash in full. 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 $32,000. Issued 16,000 shares and assumed an $128,000 mortgage in total payment for a building with a fair value of $256,000. 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.)